China’s Ministry of Culture and Tourism raises $ 1.87 billion to support the sector

China’s Ministry of Culture and Tourism issued a notice to ensure the implementation of major cultural and tourism projects, balance investments in the sector and support business continuity and arranged special bonds in the amount of $ 1.87 billion.

The notice urges local administrative departments to have active communication with local finance, development and reform departments and to make the culture and tourism industry an important support program. They must apply for state financial support during the central application period and complete their applications for qualified major projects through local bond programs in the areas of culture and tourism. According to China Central Depository & Clearing, local governments had issued special bonds in support of the cultural and tourism sectors, raising a total of USD 1.87 billion.

The statement made clear that local governments need to adopt a systematic and localised approach to identifying potential projects as important, Hospitality On reported. While these projects can be defined as culture and tourism in general, they can be added in projects related to ecological environmental protection, agriculture, forestry, water conservation, and municipal and industrial park infrastructure.