Reuters reports China is set to consolidate five state media companies to create a “modern financial media group” to increase the state’s voice in economic and financial news coverage, the state-run Xinhua news agency said on Wednesday. Since taking power in 2012, President Xi Jinping, who has called for Beijing to take a bigger role in a global governance system, has stepped up media control and scrutiny to project China’s “soft power” and better communicate its message. The State Council, China’s cabinet, has given Xinhua permission to acquire and consolidate China Securities Journal, Shanghai Securities News, Economic Information Daily and Xinhua Publishing House and launch a new company under the banner China Fortune Media Corporation Group. The move aims at “deepening the central authority’s reforms of the cultural system” and “increasing mainstream media’s influence in the area of financial information,” Xinhua said in a notice.
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