Suochengli Historical and Cultural Block in Yantai, East China's Shandong province [Photo/WeChat account: ytwlgw]

Authorities in East China's Shandong province have been making efforts to bolster the development of its culture and tourism sector since the beginning of this year.

For example, the provincial government has offered guidance to local governments regarding the issuance of special funds that will accelerate the construction of major projects related to culture and tourism.

To date, local governments in Shandong have issued 7.47 billion yuan ($1.05 billion) worth of bonds for 82 culture and tourism projects, official statistics show.

For instance, the Yantai government has invested 12.3 billion yuan in the building of a large-scale cultural tourism complex that consists of Kongtong Island, Yantai Mountain scenic spot, Zhifu Bay, and the Chaoyang and Suochengli historical cultural blocks.

Authorities have in the past two years also been focusing on cultivating market entities.

The Shandong Provincial Department of Culture and Tourism in June released a plan to build 100 industry-leading enterprises, 300 major enterprises and 600 growth enterprises by 2025.

Authorities have also made efforts to attract investment to advance the development of high-end tourism industry clusters.

The province is currently home to 14 tourism industry clusters that generated a combined revenue of 260 billion yuan in the January-August period. 

In addition, authorities have rolled out a series of measures this year to encourage enterprises to pursue innovation. The measures include fiscal stimulus, tax cuts and fee reductions, and financial support.

As of July 15, provincial financial institutions had issued 886 million yuan of loans to 76 enterprises and 784 self-employed individuals.