US-based R. R. Donnelley & Sons has signed an agreement with Shanghai Press and Publications Administration to create China’s first foreign-invested media printing company, Shanghai Daily said. The US$30m joint venture, to be managed by the American firm, will start operations later this year printing high-quality telephone directories, books and magazines.
Prior to China’s entry to the World Trade Organisation, foreign-invested printing firms were only allowed to print packaging material. New rules allowing foreign-funded mediaprinting joint ventures with 49 per cent foreign ownership were issued in January 2002.