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CPGC Starts Restructuring

The restructuring plan of entities subordinated to CPGC have been unveiled recently. The plan includes the restructuring of China National Publications Import & Export (Group) Corporation (hereinafter referred to as "CNPIEC") and China National Publishing Industry Trading Corporation (hereinafter referred to as "CNPITC") as well as the dividing of Rong Bao Zhai from China Fine Arts Publishing Group.

CPGC found the fact that CNPIEC and CNPITC have many overlapping businesses. CNPIEC's imports of publications account for above 60% of the imported newspaper, magazines and books on the domestic market while its annual exports of publications take up 12%-13% of national total. CNPITC established in 1980 annually imports and exports 25,000 kinds of books, newspapers, magazines and other items. The dispersion of resources won't be favorable for the corporations to create its overall competitive strength.

Rong Bao Zhai will be separated from China Fine Arts Publishing Group and incorporated into a stockholding company by integration of the internal resources within the group and attracting outside capital. The group corporation will promote its listing, and continue to exploit the cultural and artistic products market by virtue of investments from various institutions and organizations and other social funding for joint venture.

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