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The Chinese government has established a special fund to support and promote key academic books.

Starting this year the State Press and Publication Administration will set aside 10 million yuan (Pounds 769,000) to subsidise books. They will fund top writers, translators and publishers and give short-term loans to state-approved publishers to release essential works.

Money has also been earmarked for upgrading printing equipment. The funds will come from taxes paid by the publishing and printing industries. It is hoped the move will help to resolve the chronic financial problems faced by publishers printing low-profit but essential books.

The SPPA and the ministry of finance have set up a management body with SPPA director Yu Youxian at its head, to oversee the funds.