Financialisation of news in China in the age of the Internet: the case of Xinhuanet. (October 2018)

• Record Type: Journal Article
• Authors: Xin, Xin
• Is Part Of: Media, culture, and society. Volume 40:Number 7(2018:Oct.)
• Page Start: 1039
• Page End: 1054
• Publication Date: 2018-10
• Subjects: Chinese media -- financialisation -- media conglomeration -- state-owned news organisation -- Xinhuanet -- Xinhua News Agency; Mass media and culture -- Periodicals; Mass media -- Social aspects -- Periodicals; Wireless communication systems -- Social aspects -- Periodicals; 302.2305
• DOI: 10.1177/0163443717745121
• Languages: English
• ISSNs: 0163-4437

Abstract

This article discusses the recent development ofXinhuanet.com, a news website launched by Xinhua News Agency, one of China's key central state-owned news organisations. Xinhuanet Co. Ltd, the business entity running the website, went public in October 2016 in Shanghai. This marked the first step in the state news agency's financialisation. Two main questions are addressed. First, what were the main driving forces behind Xinhuanet's transformation from a governmental cultural organisation to a publicly traded enterprise, the majority shareholder of which remains Xinhua? Second, how should the nature of this transformation be understood, in relation to Xinhua's wider marketisation process and that of the Chinese media sector as a whole? The article argues that Xinhua's financialisation via Xinhuanet is best understood as part of a state-administrated initiative in accord with Xinhua's own business ambitions. The financialisation of news by state players such as Xinhuanet does not alter the underlying ownership structure of Chinese news media, which remain ultimately state-controlled.