FT to launch magazine in China before Olympics

Britain's Financial Times (FT) Group plans to launch its first Chinese-language magazine in Beijing before the Olympics to target China's increasingly affluent business elites, sources reported.

The magazine, given a Chinese name "Rui", a word for intelligence, will originally cover contents including wealth management, the lifestyle of China's growing business as well as stories translated from FT publications such as FT Wealth.

The plan is now subject to approval from Chinese authorities, said FT Asia spokeswoman Azmar Sukandar, adding that the monthly Rui will possibly be printed in Hong Kong.

The magazine would be the first to be published in China by a wholly foreign-owned company rather than a joint venture with local Chinese partners, if the proposal proceeds, sources said.

Upon completion, it would bring great strength to FT and its London-based parent, Pearson Plc in competition with News Corp's Dow Jones & Co, which publishes The Wall Street Journal, called "Caijing", one of the leading finance publications in China.