At the EED Forum, Dr. Yuan and student Xiao jointly delivered a presentation.
Dr. Yuan’s presentation focused on the fundamentals of finance, delving into the current state of China’s financial system, corporate financing methods, development pathways for micro and inclusive finance, and ways in which finance can support intangible cultural heritage.
To begin, Dr. Yuan provided a detailed introduction to the structure of China’s financial system and the roles of various financial institutions, highlighting the recent trends in asset scale changes within the Chinese and American financial systems. Dr. Yuan pointed out that China’s financial system is predominantly bank-led, with relatively low shares in insurance and pensions, reflecting structural issues within the system.
In terms of corporate financing, Dr. Yuan discussed the diverse financing channels available to enterprises through bank loans, bonds, and other financial tools. He noted that, compared to bank loans, the bond market offers advantages such as lower financing costs but has higher approval requirements. Dr. Yuan also compared the current structure of Chinese corporate financing with that of other major global economies, emphasizing the unique characteristics of China’s corporate financing within a global context.
In discussing financial support for intangible cultural heritage, Dr. Yuan shared multiple case studies exploring how innovative financial products and policies can address the “financing difficulties” faced by heritage practitioners, thus promoting the industrialization and modernization of intangible heritage. These cases not only demonstrated the positive impact of finance on heritage preservation but also underscored finance’s social responsibility in advancing rural revitalization and cultural heritage.
Following this, student Xiao presented his research on the “Agarwood Cultural Industry and Financial Support,” examining the challenges and shortcomings of financial support within the Agarwood intangible heritage industry.
Xiao began by introducing Agarwood’s definition, history, and cultural significance. Known for its unique craftsmanship and medicinal value, Agarwood has been a significant spice trade product since the Tang Dynasty. However, as history progressed, Agarwood plantations diminished, and by the mid-20th century, its cultural heritage faced the risk of disappearance. Today, Agarwood has been designated as a National Intangible Cultural Heritage, with Dongguan City actively working to revive the culture through various promotional activities.
Xiao further analyzed the financial challenges faced by the Agarwood industry, highlighting an underdeveloped financial support system, the lack of specific policies targeting the Agarwood industry, limited publicity, and enterprises’ limited understanding of existing financial support policies. Additionally, Xiao noted that financial institutions heavily rely on collateral, with high financing costs that prevent comprehensive support for SMEs and individual businesses. The banking sector’s narrow range of services fails to cover the entire process from cultivation to sales, thus limiting financial support across the Agarwood industry chain.
Xiao’s presentation provided attendees with a comprehensive understanding of the challenges in the Agarwood cultural industry and its financial support, calling for strengthened cooperation among stakeholders to promote the sustainable development of the Agarwood industry.
Stay tuned to EED! The forum will continue to provide updates!