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Jiangsu Grand Canal Cultural Tourism Development Fund Set Up
updated on:2019-01-10 14:23

The Jiangsu Grand Canal Cultural Tourism Development Fund, which is China’s first fund for the development of the Grand Canal, was set up in Nanjing on January 4. Wu Zhenglong, Governor of Jiangsu Provincial People’s Government, attended the ceremony and launched the fund.

The Grand Canal is an important symbol of Chinese civilization. Attaching great importance to the development of the Grand Canal Cultural Belt, General Secretary Xi Jinping emphasized that the Grand Canal is a valuable legacy passed down by our ancestors. It is flowing culture, and we need to protect, inherit and make good use of it in a coordinated manner. To implement the instructions of General Secretary Xi and the major decisions and plans of the CPC Jiangsu Provincial Committee on the development of the Grand Canal Cultural Belt, the provincial government set up the Jiangsu Grand Canal Cultural Tourism Development Fund. The fund, following the principles of government taking a guiding role, market-oriented operation, multi-sourced capital, and safe and sound investment, will bring the leading role of the government and the decisive role of the market in resource allocation into full play to formulate an investing model featuring the provincial and local government funds playing an interactive guiding role and extensive participation of social capital of various kinds so as to encourage participation of cultural tourism enterprises, investment companies and multi-players with resources, such as those in construction and operation, finance and insurance, and planning services. The first down payment of the fund, which is 20 billion yuan with the mother fund and sub-funds operating in coordination, will be input into key areas and used to support quality projects, so as to provide diversified, professional and strong financial support and safeguard for the development of the Grand Canal Cultural Belt and bolster and strengthen the Grand Canal cultural tourist industry.

During the ceremony, Jiangsu Grand Canal Cultural Tourism Development Fund signed agreements respectively with cities along the Grand Canal of our province in terms of regional sub-fund, with China Tourism Fund, China Cultural Media Group Corporation Limited, Shaanxi Tour Group, Co-Stone Capital, and Fivestar Holdings in terms of industrial sub-fund, and with such cooperation financial institutions as China Development Bank, the Bank of China, China Citic Bank, and the Bank of Jiangsu. In the future, the fund will be invested in developing cultural tourist projects, and development of IP programs, pan-cultural experiencing economy, cultural consumption service, operation of cultural tourism parks, marketing of cultural and creative products, exhibition of fashion brands, application of new technology, and movie and stage arts.

In her remarks, Wang Yanwen, member and Minister for Publicity of the CPC Jiangsu Provincial Committee, required the fund be well managed and properly used to promote pioneering development of Jiangsu Section of the Grand Canal Cultural Belt. Wang Jiang, Vice Governor of Jiangsu Provincial People’s Government, chaired the ceremony. Chen Gang, Secretary General of Jiangsu Provincial People’s Government, attended the ceremony.

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