China approves reforms for publishing houses

The Chinese government has approved shareholding reform and mergers of
publishing houses, which are normally state-owned. The General Administration of
Press and Publication issued a circular on Monday, saying that it encourages and
supports all investors to take part in restructuring publishing houses into
joint stock companies.

The Chinese government has approved shareholding reform and mergers of publishing houses, which are normally state-owned.

It also "actively" supports publishing houses listing on stock markets once
conditions are right. The administration supports the development of private
publishing studios, and for domestic publishing houses to invest in Hong Kong,
Macao, Taiwan and abroad. The circular says all profitable publishing houses
owned by local government departments, public institutions and universities must
restructure themselves into market-oriented companies by the end of 2009.
Central government-owned departments should finish restructuring by the end of
2010.

Jiang Jianguo, Deputy Director of General Admin. of Press & Publication,
says, "we've worked out such a clear schedule and blueprint because we have to
deal with the global financial crisis. It needs not only economic strength but
also cultural strength to overcome the crisis. The sound development of press
and publication could create confidence, as well as stimulate domestic and
overseas demands."