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Xinhua sets up finance media group to boost influence, Sina says

[BEIJING] China's state-run Xinhua News Agency is to set up a business news media group, an effort to increase influence in the financial information industry, reported citing the news outlet.

Xinhua will "consolidate resources" at China Securities Journal, Shanghai Securities News, Economic Information Daily and a publishing house, and establish a "wealth media group," according to on Wednesday.

The opening ceremony of the new company will be Jan 19, a day before Donald Trump's inauguration.

"The aim is to implement the central leadership's plan to deepen the reform of the cultural system, and improve mainstream media's impact in the area of financial information," according to a screen shot of the statement posted by

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President Xi Jinping has often stressed that Chinese media must serve the interests of the ruling Communist Party. In July, China's top internet regulator ordered major online companies including Sina Corp and Tencent Holdings to stop original news reporting, part of an effort to tighten the government's grip over the country's online and information industries.