China's campaign on restructuring its publishing industry is going well.

Already, 99 percent of the publishing houses on the reform list have been successfully turned into commercial enterprises.

To back up this reform, China has adopted several preferential policies for news organizations.

According to the plan, publishers on the list must fulfill their obligations by the end of this year, and non-political newspapers and magazines within three years.

The government has supported the reform by offering preferential tax policies and expanding their domestic and oversea's market.

Liu Binjie, Director of General Administration of Press and Publication, says the People's Bank of China has already issued policies to leave the first five year's tax revenue after restructuring to the enterprises themselves. He also says the next step is to establish cross-sector and trans-regional media groups.

Until now, China has already set up 29 publishing groups, 41 listed media companies with a total market value of 290 billion yuan ($44 billion).

(CNTV.cn August 29, 2010)