Shanghai to Fund Ailing Bookstore Sector

Shanghai to Fund Ailing Bookstore Sector

Shanghai plans to invest 5 million yuan (800,000 U.S. dollars) annually to aid the operation of traditional bookstores, a move to help the sector buffer the effects of online commerce.

The money is part of an annual 15-million-yuan fund set aside to boost the distribution network of publications in Shanghai, Kan Ninghui, deputy head of Shanghai's press and publishing administration, said on Feb. 28.

He added that a single traditional bookstore might receive as much as 500,000 yuan a year.

"Medium, small, and micro-scale bookstores are like tree roots of Shanghai's culture sector," Kan said. "Thriving bookstores represent the city's rich culture."

The official said he hoped the government's aid could help traditional bookstores tackle challenges posed by growing online book sales through establishing quality and unique traditional bookstores.

Shanghai has about 6,000 to 7,000 bookstores, magazine stands and other distribution spots.

Source: Xinhua