161 bookstores in Beijing get govt financial support

Facing major revenue loss and an almost broken funding chain caused by the COVID-19 outbreak, a program to support physical bookstores in Beijing was launched by the local government.

The first group of such stores has finished assessment, and 161 received financial aid, including Page One, Paper Tiger and CITIC bookstores.

As rent is the heaviest cost burden on stores during the epidemic, the support mainly focuses on rent subsidies. Under the premise of the bookstore's commitment, this policy of advance payment of rent subsidies from April to June will help bookstore operators reduce cash flow pressure and give them enough time to adjust and develop.

According to Wang Yefei, head of Beijing's Press and Publication Administration, the money to these stores could prepare them well for quick development when the market picks up after the epidemic.

"Despite COVID-19, statistics from all the districts in Beijing show that 73 new physical bookstores opened by the end of February," Wang said.

And establishment of 200 featured bookstores in Beijing has been on the local government's to-do-list for this year.

Assessments for the next bookstores applying for financial support will kick off soon.