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Beijing earmarks 2.7 mln USD to shore up brick-and-mortar bookstores

Xinhua, August 13, 2016 Adjust font size:

Beijing has earmarked 18 million yuan (2.7 million U.S. dollars) this year to encourage brick-and-mortar bookstores, which have been hit hard by the growth of e-books and online stores.

Book retailers who are licensed, have fixed abodes and have been operating for at least three years can apply for the financial support, the Beijing municipal bureau of press, publication, radio, film and television said in a circular on its website.

It said the government plans to support 70 bookstores this year, through procurement of services or subsidies. The maximum amount for each store is 1 million yuan.

The project, part of the capital city's endeavors to encourage lifelong reading, will continue for five years.

By 2020, as many as 500 bookstores could receive support with total spending exceeding 100 million yuan.

Beijing has nearly 5,000 bookstores. Most are having a difficult time under the impact of online stores that offer big discounts and e-books that are increasingly available at very low prices. Endi