China's publishing industry gets financial support from state-owned banks

20:36, January 28, 2010      

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China's press and publishing industry is getting further financial support from state-owned banks, following a Communist Party of China (CPC) call to promote the industry's prosperity.

The General Administration of Press and Publication on Thursday signed an agreement with the Agriculture Bank of China, for a credit line of 50 billion yuan (7.3 billion U.S. dollars) for major publishing projects in the next three years.

According to the agreement, the money would be mainly spent on supporting "large-scale publishing or communication corporations" and "small and medium-sized companies with strong growth potential."

Jiang Jianguo, deputy director of the administration, said the cooperation was aimed at implementing the CPC's requirement made at its 17th National Congress to develop cultural industries and push their prosperity.

Agriculture Bank of China president Zhang Yun vowed to exert great efforts to support the media and publishing industries.

In August 2009, the administration signed a memorandum on cooperation with the Bank of China, which made the administration's major press and publishing companies and projects a priority of the bank's financial services.

Source: Xinhua
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