China’s new government plans to close book printing businesses by the end of this year, according to a statement released by the country’s finance ministry on Tuesday.
The announcement came as China has announced that it will phase out all book publishing, which it said would result in the closure of nearly 80 percent of the countrys book industry.
“The government will close book manufacturing by the mid-year, while the remaining book manufacturing will be closed at the end-2016, the statement said.
Book publishing, a key component of China’s economic growth, has been a key source of job creation in the country.
More than one million people have been hired as bookmakers in recent years, according a 2016 survey by the Global Book Publishing Association.