East China's Jiangsu province released a slew of measures on Feb 18, including tax cuts and other forms of financial support, to help film-related businesses weather the novel coronavirus epidemic.
Wuxi has designated the film and TV industry as a focus for development in recent years, and has been formulating a number of supportive measures for the industry.
For films and TV series that were under production at the Wuxi National Digital Film Industrial Park, also known as Wuxi Studios, but were forced to halt production due to the epidemic, the park waived all studio rental and management costs since Jan 31 until they are allowed to resume work.
Those who shoot films and TV series at Wuxi Studios after the end of the epidemic will enjoy a rent discount of up to 50 percent until Dec 31, 2020. Fees for other location work, hotels, shooting equipment, and more will also be reduced by up to 50 percent.
All companies at Wuxi Studios will enjoy a reduction or waiving of rent.
The new policy released by the provincial government also encourages financial institutions to increase credit, extend loan periods, and reduce lending rates for film companies. A fund of 10 million yuan ($1.43 million) will be set up to subsidize lending costs.
The province will also step up support for reducing rent and stabilizing employment for small and medium-sized film companies. Businesses such as cinemas will enjoy government subsidies if they launch training programs for employees, according to the policy.
Wuxi Studios also said it will work to help its companies apply for financial support.
