239 bookstores in Beijing receive 100 mln yuan as subsidy

As many as 239 bookstores in Beijing received support funds totaling nearly 100 million yuan (about 14.22 million U.S.dollars) in 2019.

According to officials, rent subsidy comprised the largest chunk of the funds provided this year. Rent subsidies for physical bookstores in the city totaled more than 53 million yuan, an increase of 30 percent over 2018. About 143 bookstores received rent subsidies, accounting for nearly 60 percent of the verified rent costs of the selected bookstores.

The subsidy standard was determined on the basis of cost and budget performance of the stores, so as to ensure fairness and transparency in allocation of funds.

In addition, the Beijing municipal government also provided subsidies and support for equipment upgrade and personnel training, thereby facilitating healthy development and transformation of physical bookstores.

By the end of September 2019, 285 new physical bookstores opened in the city, posting a year-on-year increase of about 28 percent.