China not prepared to open its publishing sector to overseas investors

China is not ready to open up its publishing sector to overseas investment, said a senior publishing official here at a press conference for General Administration of Press and Publication (GAPP) Wednesday.

China made no commitments to the World Trade Organization when it joined the organization in late 2001 pertaining to investment from overseas in publishing, noted Yu Yongzhan, deputy director ofthe GAPP at Wednesday's press conference. China's state-run publishing companies are not yet ready to compete against their foreign counterparts.

According to its commitments with the WTO, China has been gradually opening up the retail market for publications. Yu acknowledged.

By the end of the year, the publication wholesale market will be fully open to overseas investment. And overseas investors would be able to establish printing ventures and independent packaging printing firms in China. Foreign investors are allowed to cooperate on copyrights with Chinese publishers.

Currently, foreign investors are not permitted to invest in the publication of books, newspapers, periodicals, audio/visual products and electronic publications.

Source: Xinhua