The Ministry of Finance ("MOF") recently issued the Measures for the Financial Management of the National Art Fund (the "Measures"), with effect from the date of promulgation.
The Measures clarify that the art fund is created by the State to mainly support the creation, production, exchange, promotion and collection of artistic works, and talent training. The major sources of the art fund include appropriations from the State treasury, and legally accepted donated money from natural persons, legal persons and other organizations. The Measures also specify the national art fund's budgetary management, and revenue and expenditure management.