A Chinese government regulator will get a credit line of 50 billion yuan (seven billion dollars) from one of the nation's top banks to help boost the publishing industry, state media reported Thursday.
The General Administration of Press and Publication, which regulates news, print and Internet publications, signed the agreement with the Agricultural Bank of China on Thursday, the official Xinhua news agency said.
According to the agreement, the money will be spent on "major publishing projects" in the next three years, in a bid to develop and promote the industry.
The report was vague on the sort of projects that would benefit, but said the money would be spent mainly on supporting large-scale publishing corporations and small and medium-sized firms with "strong growth potential".
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