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SCIO Encourages State-owned News Portals to List

China Securities Journal, 12/05/07

Speaking at the 7th China Network Media Forum, State Council Information Office (SCIO) vice chairman Cai Mingzhao has indicated that SCIO is to encourage reform among news websites, with "modern business systems, the establishment of joint-stock companies and in some cases domestic listings - on the precondition that the state retains a controlling stake."

Currently online news media are divided between state-owned and private sectors. State-owned portals include national-level sites such as People.com.cn and Xinhuanet.com, along with local sites such as Beijing's Qianlong and Shanghai's Eastday. Private sites are represented by overseas-listed portals such as Sina, Sohu, Netease and Tencent.

Eastday already has a stock-ownership system and this policy may allow it to become the first domestically-listed news portal. However its ability to use government support to acquire more operational assets will determine its success.

Keywords: 7th China Network Media Forum State Council Information Office Cai Mingzhao SOE online news media portal People.com.cn Xinhuanet Qianlong Eastday Sina Sohu Netease Tencent Internet

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