China's first nationwide publication distribution company premiered in Beijing Wednesday.

The company, Little Red Cap, is based on the newspaper distribution network dominated by the Beijing Youth Daily. It has been authorized to run the nationwide wholesale and retail of newspapers, magazines, books and electronic publication. It has secured the right to open chain branches across the country.

The new publication distribution network union has 29 member newspapers and distribution companies with daily circulation of 15million and nearly 100,000 employees. The annual advertisement revenue of the union is nearly 10 billion yuan (1.2 billion US dollars), half of the total earned by all newspapers.

China still has not totally opened its publishing and distribution markets to overseas investment. The market is gradually opening to foreign investment, according to China's State Administration of Press and Publication.

Source: Xinhau