Overseas investors will be allowed to form book, newspaper and periodical wholesale firms by the end of 2004, said Yu Yongzhan, deputy director of the General Administration of Press and Publications at a Wednesday press conference in Beijing.
China has already opened its retail market and the printing industry to overseas investors, fulfilling commitments made on entry to the World Trade Organization, said Yu.
"Foreign capital in the publications sector is now mainly focused on the printing industry," he said.
The administration approved 102 foreign-funded printing companies in 2002 alone, with a total investment of US$568 million. Last year, another 84 foreign printing companies were approved, with an investment of US$469 million.
In the publications retail market, the administration has approved 11 foreign-funded companies. More media groups are expected to apply when the wholesale market opens.
Yu stressed that China is not yet ready to open its publishing sector to overseas firms, although Chinese and overseas publishers can strengthen copyright trade and jointly publish material.
The copyright trade has been brisk over the past few years, with China importing 58,077 copyrights from overseas publishers between 1995 and 2003. Its copyright exports totaled only 5,362.
Wang Huapeng, an official at the administration, said that the copyright trade imbalance is expected to continue for some time, in part because China's scientific and cultural development lags that of other countries, making it necessary to import publications in certain fields. Moreover, the country needs to gain more experience and information concerning foreign market demand, according to Wang.
As a move to strengthen exchanges in the short term, the administration is sponsoring the 11th Beijing International Book Fair between September 2 and 6.
At least 900 publishers from 42 countries are expected to participate in the annual fair, the largest international book fair in China.
CEOs and presidents of leading publication groups as well as senior Chinese officials will meet at the Beijing International Publication Forum from August 31 to September 1.
China currently has 570 book publishers, 320 audiovisual product publishers and 121 electronic publication publishers. A total of 190,391 titles were published last year, including 110,812 new titles.
The national gross sales of publications were valued at 107 billion yuan (US$12.9 billion) last year, with nationwide annual consumption per capita at 5.2 books.
(China Daily August 19, 2004)
