Bloomberg News

China Mouthpiece Xinhua Reports 5.6 Billion Yuan Revenue in 2011

July 19, 2012

Xinhua News Agency, China’s official news wire, reported revenue of 5.6 billion yuan ($884 million) in 2011, a 72 percent gain from 2010, as the country pushes to expand its influence around the world.

The government’s doubling of its allocation to Xinhua, to 1.9 billion yuan, accounted for most of the increase, according to the report, which was posted on www.gov.cn. Expenses were a matching 5.6 billion yuan.

The report, released yesterday, sheds light on the financial performance of an organization that’s at the center of the government’s push for a greater voice in global affairs. In January, Wang Chen, head of the State Council Information Office, said China must adopt “more forceful measures to spread its voice” in efforts to inform people about its “values and development pattern,” Xinhua reported at the time.

Xinhua is “striding toward a global modern state news agency with Chinese socialist characteristics,” the agency said.

The news agency has 166 bureaus worldwide and runs the 24- hour CNC television network that broadcasts in more than 70 countries, according to the report. The report said that in 2011, Xinhua spent 16 million yuan on overseas trips, 26 million yuan on vehicles and 2.9 million yuan on banquets.

The numbers were published as a government budget report, not a financial statement, since Xinhua is an agency under the State Council.

Bloomberg LP, parent of Bloomberg News, competes with Xinhua as a provider of finance news and information.

To contact Bloomberg News staff for this story: Xin Zhou in Beijing at xzhou68@bloomberg.net

To contact the editor responsible for this story: John Liu at jliu42@bloomberg.net


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