Publishers going abroad get $3.17b loans

BEIJING -- Chinese publishing houses are to receive at least 20 billion yuan ($3.17 billion) in loans over the next five years for business projects abroad.

The Export-Import Bank of China signed an agreement with the General Administration of Press and Publication on Tuesday to provide financial support for publishers' attempts to explore international markets, according to a GAPP statement.

The GAPP will recommend a list of eligible companies for the loans and they will be shortlisted by an expert panel before being submitted to the bank for examination, the statement said, without elaborating on the number of firms that might get the loans.

A number of Chinese publishing houses have tried international projects such as setting up branches abroad and acquiring shares in foreign companies. Many of them are calling for efforts to facilitate their financing.

In January, the GAPP promised to work out favorable policies for domestic publishers to enter overseas markets.