China Spends $341 billion to Shore up Press, Publication Projects
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China's central government provided a total of 2.1 billion yuan ($341.2 million) in 2014 to support press and publishing projects, the Ministry of Finance (MOF) announced this past week. Nearly 1,000 press and publication projects have been subsidized in recent years through more than 7.6 billion yuan in special funds earmarked for developing cultural industries, according to a statement posted on the MOF's website.
The funds were mainly used for digitizing and upgrading, green printing, and brick-and-mortar bookstores. According to the statement, the funds helped improve the content and public service of the publication industry.
China's publishing, printing, and distribution industry had operating revenue of 1,824.64 billion yuan in 2013, up 161.11 billion yuan or 9.68% from the previous year, according to an industry report released by Chinese Academy of Press and Publication in July 2014. The industry saw profits in 2013 increase 9.32% year-on-year, to hit 144.02 billion yuan.
However, the business situation for newspaper publication was severe. The newspaper industry saw operating revenues fall 8.57 billion yuan or 9.94% year-on-year to 77.67 billion yuan in 2013, with total profits down 11.68%, to 8.77 billion yuan.
The country's electronic publications saw profits in 2013 hit 280 million yuan, up 21.74% year-on-year. The proportion of digital publishing within the industry continued to rise.
A survey released last April by the Chinese Academy of Press and Publication revealed that some 50.1% of Chinese adults read digitally, up 9.8 percentage points from the previous year, marking the first time the figure has topped 50%.
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