Propaganda vs. profit

Jonathan Watts wrote about the latest media reform move: ” China opens up one of its last closed markets as newspapers multiply — piquing the interest of media tycoons like Rupert Murdoch. ”

“The founders of the Beijing Youth Daily would not have believed it, but their paper — the mouthpiece of the Communist youth league — is about to be the first Chinese newspaper to be listed on an international stock market.

As part of a government plan to reconcile domestic propaganda with global capitalist profit, China’s second biggest daily says it will issue shares on the Hong Kong bourse to finance a modernization and expansion program. Reflecting the political sensitivities of this latest step toward opening up one of China’s last closed markets, the newspaper has declined to reveal when the offering will be made or how much it will be worth. ”

Read the whole article here.

August 18, 2004 8:43 AM
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