Globalization promotes international capital integration and integrated capital further advances globalization. The global publishing industry has evolved from an outside observer to an active participant when it comes to the Chinese publishing market. The transition was enabled through exchanges, cooperation programs, joint ventures, mergers and acquisitions, and the creation of a win-win situation.
Chinese publishing enterprises, on the other hand, have grown and developed in the process and become much more active and experienced in competing in the international market. The Chinese market, with its huge potential, has long drawn the attention of global publishers. Chinese publishers, together with their international counterparts, have gradually increased the value of the global publishing industry, promoted the development of the multi-layer global capital market, and contributed to the growth of the publishing economy with the injection of “flowing capital”.
In the 1980s, the International Data Group (hereinafter referred to as IDG) became the first foreign company to enter the Chinese publishing market. Back then, IDG was only a co-founder and cosponsor of the “Computer World” journal in China. Now, with its network of joint ventures and cooperation programs, IDG is involved in over 30 computer-, electronics-, and communications-related newspapers and journals. It is the host of more than 18 exhibitions on computer, electronics, and communications and organizer of approximately 60 seminars and presentations for major foreign IT manufacturers every year. More and more international publishers have followed the lead of IDG, witness of the rapid development of China’s publishing economy, to forge an even closer tie with their Chinese counterparts.
In 1994, Children’s Fun Publishing Co., Ltd., a children’s book publishing company, was set up by the Danish Egmont International Group Corporation, one of the largest publishers in Europe and the People’s Posts and Telecommunications Press. As one of the early joint publishing ventures in China, Children’s Fun has become an active player in international copyright trade. It has published magazines under the authorization of Disney in the United States and translated editions of famous cartoons with the approval of world renowned publishers. It has learned from the philosophy, management experience, and marketing pattern of foreign publishers and applied them to its own operation. Through such trading interactions, Chinese and international publishers continue to learn and benefit from each other.
In 2010, the international publishing giant Hachette Book Group partnered with China’s industry leader Jiangsu Phoenix Publishing & Media Co., Ltd. to form Hachette-Phoenix Cultural Development (Beijing) Co., Ltd. As an intermediary platform that connects the Chinese and international publishing industry, Hachette-Phoenix brings good publishing resources from around the world to China and introduces best quality Chinese books to the global market through its international sales network. It showcases a further improved cooperation pattern between Chinese and international publishers in the new millennium.
In 2014, the American company Publications International Ltd., (PIL) and Phoenix Publishing & Media Co., Ltd. held an asset delivery ceremony at the Chicago headquarters, marking the successful conclusion of the nine-month long cross-border merger, the biggest of its kind in the history of China’s publishing industry. The success of this international merger brought Chinese publishers even closer to the international publishing community, whose globalization process in turn accelerated China’s integration into the world market.
Capital integration is not only an important condition for the development of the world economy, but also an inherent requirement for promoting trade globalization. With the development of the times, capital integration and trading interactions continue to gain momentum and have become the unanimous choice for global economic development. The global publishing industry is part of the world capital economy and one of the most important carriers of cultural exchanges. China’s publishing industry has captured the opportunity of globalization to expand cross-border exchanges and cooperation and create connectivity. China is embracing the world more confidently with innovative cultural products and markets, generated from a robust domestic supply. We look forward to partnering with more global publishers in the Chinese market and further integrated publishing capital based on such exchanges and cooperation. To create win-win and common prosperity for the global community, has always been a shared aspiration.
By Long Yingtai
By Gao Ming
By Bai Yansong
By Yang Jiang
By Da Bing
By Party History Research Center of the CPC Central Committee
By Liu Tong
By Publicity and Education Bureau of the Central Propaganda Department
By Helence Hanff
By Da Bing