Shanghai unveils measures to power ad industry growth
The "Invest Shanghai" Advertising Industry Promotion Conference was held in downtown Putuo District on Wednesday.
Financial support and tax reductions are among Shanghai's measures to boost high-quality development of its advertising industry and lure businesses in the field from home and abroad to the city, local market regulators announced on Wednesday.
The measures cover various sectors such as technology innovation, talent cultivation, international service capability and standard system establishment, the Shanghai Administration for Market Regulation revealed during the "Invest Shanghai" Advertising Industry Promotion Conference in downtown Putuo District.
Last year, the revenue of the city's above-scale advertising companies hit 294.38 billion yuan (US$40.6 billion), surging 23.7 percent from a year earlier and setting a record, according to the administration.
It accounted for 23.2 percent of the nation's total and the city is home to about one fourth of China's leading companies in the industry.
These measures include financial support of up to 6 million yuan for big demonstration projects in the industry with an investment of 30 million yuan or above, tax exemption for small and micro businesses and individual businesses, and subsidies on the training of employees.
The conference gathers government officials and representatives from foreign-funded enterprises.
The measures also involve preferential policies promoting the integrated development of the industry, boost of international service capability, and relaxed penalties for minor violations so as to create a sound business environment, according to the administration.
"The advertising industry can empower the development of many other industries such as culture and tourism, and the ultimate goal of these policies is to power the high-quality development of the whole economy," said Zhang Hongbing, director of the administration's advertising supervision and management department.
Five advertising companies in Shanghai have obtained financial support totaling more than 1 million yuan so far, and 10 local districts have set up 15 advertising parks.
The local advertising industry has also entered the digital era with the revenue of Internet advertisements accounting for 85 percent of the total in the city last year, the administration revealed.
Last year, around 17,000 businesses in the city had obtained digital advertising operation license.
