Hu, who launched the biweekly title in June 1998, departed following a spat with the magazine’s publishers over its financing and reporting, according to the Wall Street Journal.
Caijing, which is Mandarin for ‘Finance and Economics’, has built a reputation for unusually hard-hitting reporting on China's business scene. Hu is expected to launch another magazine with Caijing’s departed editors, which includes Caijing’s managing editor.
Caijing, which is Mandarin for ‘Finance and Economics’, has built a reputation for unusually hard-hitting reporting on China's business scene. Hu is expected to launch another magazine with Caijing’s departed editors, which includes Caijing’s managing editor.
The news comes one month after two-thirds of the magazine’s approximately 100 employees in the business department were also thought to hand in their resignations, including Caijing’s general manager Daphne Wu Chuanhui and eight of her nine business directors. While Caijing’s publishers at the time denied the news, international media speculated that the departed staff would join Hu at a new publication.
According to the Wall Street Journal’s report, Hu is to assume the role of dean of a new journalism school at Sun Yat-sen University in Guangzhou as well as launch a magazine titled Caixin, which translates to ‘Finance News’.
Ahead of her resignation, Chinese media claimed that several backers have been keen to finance Hu’s new publication. Caijing is, meanwhile, looking to launch a newswire service with Richard Li, chairman of PCCW and son of mogul Li Ka-shing.
Jeremy Goldkorn, editor of Danwei.com, said Hu’s departure could mean the end of Caijing as readers recognise it. “I think the future of Caijing is very uncertain now. It’s whole identity was very tied in with Hu Shuli,” he said. “SEEC
is very well-funded and well-connected, so that wouldn’t be a problem for the magazine, but no one will think of the magazine the same way. The departures are damaging to the magazine and it’s unlikely that it will recover what it was able to build over the last decade of publishing.Goldkorn said that Caijing’s situation is “all too typical of good publications” in China, as the hurdles to produce hard-hitting news often overcome their ability to maintain their momentum.
“Even for Hu, while she has a shot at being successful with her new publication, this is also a big setback because she has to start from scratch,” Goldkorn added. “There’s no guarantee that her new publisher will have the same clout in terms of supporting the magazine. It’s going to be a long road for her and there are going to be setbacks.”
