Chinese publishing sector gets financial boost

BEIJING - China's Bank of Communications will pump 50 billion yuan ($8 billion) into the country's publishing industry, according to a cooperative agreement signed on Tuesday.

The agreement, signed by the General Administration of Press and Publication and the Bank of Communications, said the bank will provide the finance in three years.

Jiang Jianguo, vice-director with the GAPP, said the agreement will help develop the publishing industry, which includes books, magazines, audio visual products, network media, print and publications.

Branches of the Bank of Communications signed contracts with local publishing groups to promote strategic cooperation.

Publishing industry income in 2011 surpassed 1.4 trillion yuan.

The total assets of the Bank of Communications reached 5.17 trillion yuan at the end of September, 2012.