China launches state financial media group

SHANGHAI - China has merged five state media companies in a bid to improve the quality and influence of the country's economic and financial news services, state news agency Xinhua reported on Friday.

Last week, China's cabinet gave Xinhua permission to acquire and consolidate China Securities Journal, Shanghai Securities News, Economic Information Daily and Xinhua Publishing House to launch new company China Fortune Media Corporation Group.

Cai Mingzhao, president of Xinhua, was quoted by the news agency as saying that the new group will gradually expand into financial information services and explore other businesses such as data analysis, credit rating services and wealth management.

He said that there was space for financial media to develop, as domestic and overseas demands for information about China's economic development were growing fast.

Since taking power in 2012, President Xi Jinping, who has called for Beijing to take a bigger role in a global governance system, has stepped up media control and scrutiny to project China's "soft power" and better communicate its message.

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