The Shandong Provincial Department of Culture and Tourism and the Shandong branch of ICBC (Industrial and Commercial Bank of China) signed a strategic cooperation agreement on May 27 in Jinan, the provincial capital.

According to the agreement, the two sides will work together to support cultural and tourism enterprises in resuming production and operations, stimulate investment and consumption in the cultural and tourism sectors, and promote the high-quality development of related industries.

The Shandong Provincial Department of Culture and Tourism and the ICBC Shandong branch sign a strategic cooperation agreement on May 27. [Photo/WeChat account: sdswltwx]

The Shandong branch of ICBC will provide an additional 10 billion yuan ($1.4 billion) in credit to Shandong's cultural and tourism enterprises over the next three years.

The two sides will take a series of financial support measures to revive cultural and tourism industries hard-hit by the pandemic and help private businesses and small and micro companies overcome challenges posed by the epidemic.

The Shandong Provincial Department of Culture and Tourism will improve the policy system for cultural, tourism and financial cooperation, help cultural and tourism enterprises alleviate difficulties, and help projects to set up in the area.

Participants attending the signing ceremony pose for a photo. [Photo/WeChat account: sdswltwx]

The two sides will also strengthen cooperation in consumption, industrial innovation and upgrading, targeted poverty alleviation, demonstration areas and more. Major national planning projects such as the Yellow River cultural tourism belt and the Grand Canal national cultural park will be emphasized.