China province bolsters support for epidemic-hit film industry

NANJING -- East China's Jiangsu province released a slew of measures Tuesday, including tax cuts and financial support, to help film-related businesses weather the novel coronavirus epidemic.

The province will allow film firms to delay tax payment and apply for tax deductions as the film industry faces a downside in business due to the epidemic, according to the provincial government.

The new policy encourages financial institutions to increase credit, extend loan periods and reduce lending rates for film companies. And a fund of 10 million yuan ($1.43 million) will be set up to subsidize lending costs.

The province will also step up support to reduce rent and stabilize employment for small and medium-sized film companies. Businesses like cinemas can enjoy government subsidies if they launch skill training programs for employees, according to the policy.

Jiangsu has nearly 1,000 cinemas across the province, with box office sales reaching about 6 billion yuan in 2019.