Internet era brings both challenges, opportunities for publishing industry

NEW YORK - "It was the best of times, it was the worst of times," said Charles Dickens in his masterpiece "A Tale of Two Cities." The same can be said of the publishing industry in the Internet era.

"In the 21st century, the Chinese publishing industry, together with international counterparts, has been rushed into this new era of the Internet," said Wu Xiaoping, director of Jiangsu Phoenix Publishing and Media Corporation Limited, at the Chinese-American Publishing & Media Industry Forum held on Wednesday.

Among the challenges facing the publishing industry, the digital technology is recognized as an important one at the forum, which promotes the communication between publishing professionals of the two countries on the development of the industry chain amid a changing environment.

"There is no doubt that the digital era of the Internet poses unprecedented challenges to the traditional publishing industry," Wu said. "We all feel the impact."

"However, in contrast to a pessimistic stand that some of my peers take, I think we should shed a positive light on this challenge. That is, digital technologies will be a new engine driving the future development of the publishing industry," he added.

"In the field of digital publishing, a perfect match between content and technology not only enriches the forms in which the content can be presented, but also provides comprehensive solutions to the clients. And no wonder many technological giants, like Baidu Inc of China and Google of the United States, can enjoy a head start in digital publishing," Wu said.

Tom Allen, president of the Association of American Publishers, agreed with Wu. "Embrace digital, but don't give up on print," Allen said.

Also at the forum, the Chinese publishing authorities pointed out the opportunities enjoyed by the publishing industry in China.

Together with the country's rapid economic and social development, the purchasing power of the Chinese people for published works is also increasing, offering an enormous opportunity for China's publishing industry, said Wu Shangzhi, deputy director of the State Administration of Press, Publication, Radio, Film and Television.

"In 2014, the per capita GDP of China reached over $7,000 and the consumption structure also changes, with a growing demand for cultural goods," the deputy director said.