China to offer more financial aid to culture, tourism firms

BEIJING — China will roll out more financial support to help COVID-19-hit cultural and tourism firms, authorities announced on July 25.

Credit services to culture and tourism market players will be boosted by monetary policy tools like relending and rediscount, according to a guideline released by the People's Bank of China and the Ministry of Culture and Tourism.

Local authorities and banking institutions are urged to offer targeted financing services to firms that are identified as having difficulty in normal operation.

The guideline is the Chinese government's latest move to keep the economy running within a reasonable range as the culture and tourism sector plays an important role in domestic consumption growth.

China saw more than 1.455 billion domestic tourist trips in the first half of 2022 and total domestic tourism revenue reached 1.17 trillion yuan (about $173.3 billion) during the period.