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China supports private funds for publishing

Source:   Time:

BEIJING, July 10 (Xinhua) -- China will continue to support entry of private capital into the publishing industry to boost the country's cultural sector, national publishing authorities said Tuesday.

The General Administration of Press and Publication (GAPP) said in a statement that the administration recently issued a circular vowing further support for private investment in establishing printing and publishing enterprises, as well as in publication distribution businesses.

GAPP will also support digital publishers, including online gaming, mobile reading, e-book and software industries, the statement said.

Under the condition that state-owned capital accounts for more than 51 percent of the total share, authorities will encourage private funds to invest in marketing and advertising businesses of official newspapers and magazines, the statement said.

Private investors are also welcome to invest in listed state-owned publications and media organizations via the stock market, the statement said.

The government will support non-governmental publishers in expanding their overseas businesses, the statement said.

Private investors who wish to build industrial publishing centers will enjoy equal treatment from the government in terms of project arrangements, financial support and preferential tax policies, the statement said.

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