China’s most prominent state Communist newspaper has succumbed to the needs of capitalism, and is planning to list itself on the Shanghai stock market. The BBC reports:
The People’s Daily intends to list its website on Shanghai’s stock exchange in the hope of raising more than $80m (£51.2m). The newspaper – the mouthpiece of China’s ruling Communist Party – wants the money so the website can compete with its commercial rivals. It will upgrade technology and improve online services. It has applied to list its website in Shanghai within the next six months. About one quarter of the site’s shares are being offered.
The People’s Daily is not known as an easy read. That is perhaps not surprising, as one of its aims is to “promote the Communist Party’s theories and policies”. It feeds its readers with an often dour daily diet of official visits and party meetings. The website suffers from a similar problem. Its editors admit that it struggles to keep up with commercial websites, such as Sina.com and Sohu.com, which provide more exciting content.
The People’s Daily will become another one of the hundreds of Chinese corporations that have some private investors, but remain majority-owned by the government.