Foreign-funded companies allowed into China's advertising market by year-end

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Last updated at: (Beijing Time) Wednesday, December 10, 2003

Foreign-funded companies allowed into China's advertising market by year-end

Foreign enterprises are to hold shares in Chinese advertising companies at the end of 2003 and the market will be fully opened by the end of 2005.

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Foreign enterprises are to hold shares in Chinese advertising companies at the end of 2003 and the market will be fully opened by the end of 2005. This was revealed on December 4 by a group of four including Liu Fan, deputy director of the State Administration for Industry and Commerce, during their introduction to Canadian advertising, industrial and commercial personages on the development of China's advertising at the promotion and introduction meeting of the 39th IAA (International Advertising Association) World Congress.

The total income of China's advertising industry hit 90.3 billion yuan in 2002 and will exceed 100 billion yuan this year. China's advertising industry has a staff of 750,000.

So far there is no Canadian advertising company running in China's advertising market, according to Sun Caiying, Deputy Secretary-General of China Advertising Association.

When questioned by the vice president of Association of Canadian Advertisers (ACA) Mr. Bob Reaume about China's requirements for foreign-funded advertising companies to join China's market, there are three conditions: First, the wholly-foreign-funded companies joint ventures must be ones mainly running advertising. Second, the registered capital should not be less than 300,000 US dollars. Third, the companies must introduce advanced equipment and offer training to Chinese advertising staff answered Wang Shujun, head of the comprehensive department of the supervision and management department under the State Administration for Industry and Commerce

The IAA World Congress is held once every two years. The 39th IAA World Congress will be slated on September 7-10 in Beijing. With the support and assistance from the International Advertising Association, China Advertising Association won the host.

Article from China Economic Times,written by Zhang Chunyan; translated by PD Online staff Gao Lanrong

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