On May 1, 2003, China opened its book and newspaper retail market to foreign companies. Domestic book and newspaper retailers face grave challenges from foreign rivals. Some media reports stated about seven international publishing companies were busy preparing applications to enter China's market. Only three international publishers have formally delivered applications: Mintai Book City (a JV between Fujian Foreign Language Bookstore and Taiwan Publishing Industry Association), Zhongtutong Culture Co. Ltd. (a JV between China Book Import and Export Corp. and Hong Kong's Tom Group) and Jiangsu Ningyi Culture Industry Co. Ltd. (a JV between Nanjing Normal University Publishing House and Taiwan Shangyi Culture Industry Co. Ltd.). Bertelsmann has established six online club centers in Shanghai.

Source: Beijing Business Today July 4, 2003

Added: 2003-08-20