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China looking to build media empires

China is planning to spend billions of dollars in the next few years to develop media and entertainment companies that it hopes can compete with global giants, according to a recent article in the New York Times.

At the end of September, the Chinese State Council set guidelines for "the creation of entertainment, news and culture companies with a market orientation and with less government backing." China hopes to compete with companies such as Time Warner and Viacom.

Policies will likely provide more media freedom, although many believe news programming will be the exception.

To access the article, visit China Yearns to Form Its Own Media Empires.