Beijing Publishing Group Co. Ltd was established here Wednesday, with four bookstores including Beijing Books Mansion Co. Ltd as core members.

The other three members are Xinhua Bookstore, China Bookstore and Foreign Languages Bookstore in the national capital.

The new publishing group was formed at the behest of the central government, which called for an expansion of reforms in press and publications, radio, film and TV business, as well as other cultural undertakings, said Cai Fuchao, head of the Publicity Department with the Beijing Municipal Committee of the Communist Party of China (CPC).

The new group company will allow the market to play a bigger role and the resources to be made good use of so that Beijing's competitiveness in the publishing industry on the world market will be retained, said Cai.

An executive of the newly launched conglomerate said that they would carry out stock transformation, and state, non-state and overseas investors would be welcomed to invest in the new publishing group.

"In the years to come, I wish the new group will grow into a successful example which will not only maintain publishing as the prime business, but also expand into other industries," said the executive.
 
(Xinhua News Agency March 11, 2004)