Editor's Note:

CCTV-2, which previously included all manner of programs, has been refocusing itself to become a purely business and financial channel since August 2009. It aims at becoming a global leader in this field, and intends to establish a “serious and professional” image. What's the best way to do this? Should it imitate US models, or explore new ground?

Global Times (GT) reporter Chen Chenchen talked to Li Yong (Li), chief producer of CCTV-2 live programs, and Wang Handong (Wang), a professor at the School of Journalism, Wuhan University, on CCTV- 2's latest plans.

Li Yong

Wang Handong

GT: CCTV-2 has undergone a comprehensive overhaul since August 2009 to refocus on finance. How do you evaluate the changes?

Li: After the financial crisis erupted in 2008, people obviously began to care more about financial topics. We planned the special program Live Wall Street Turmoil. It received good audience feedback.

There is a Chinese saying that when water flows, a channel is formed. This can also be adapted to CCTV-2's plan of building a leading worldwide financial and economic channel. But our adjustment is just one part of overall television reforms aimed at promoting specialization in different channels.

According to our survey, CCTV-2 has become more attractive to well-educated 35-to-44-year-old urban males with high incomes. This means that we're approaching our target audience.

Wang: CNBC adopts similar methods. Compared to other channels, it targets a much narrower audience group but sees a much higher profit rate. CCTV's practice is understandable. What it sells is high-end products. But this actually conflicts with CCTV's public role. The high-end route inevitably leads to the exodus of a large part of the audience.

It would be a pity if CCTV-2 narrows its target audience. It would be better if they added a cable channel to focus on programs targeted at financial professionals, and kept the current channel as it was. But now the channel may lose its stable audience and tend to aim at just investors. Programs have been broken up, and at least 320 minutes a day is now spent on the Transaction Time program, aimed at equity investors.

GT: So there's a conflict between the channel becoming more specialized and appealing to a wider audience?

Wang: I participated in an audience symposium held by CCTV-2 on January 19 in Wuhan, and it was obvious that the CCTV-2 producers were trying to find a popular style. Some programs targeting ordinary people remain, like Happy Housewives and Financing Online.

However, I'm afraid the results of the channel's overhaul seem to deviate from these intentions. In many foreign countries, financial and business channels mainly focus on stock and security markets, so financial channels tend to assume their audiences are investors. I am afraid CCTV-2 is following this model.

A similar problem has occurred with Hubei Satellite TV, which runs eight or nine hours of programs aimed at investors every day. If the stock market booms, people rush to watch the programs, but they may abandon the channel in the wake of stock market turmoil.

Li: Mass media should never make a program hard for people to understand. The channel's specialization means serious content, focusing on the financial and economic fields. It doesn't mean it has to be inaccessible. In fact, we're trying to get audience feedback from ordinary people, rather than just targeting professionals as, for instance, the CNBC does.

GT: How can we build a leading global channel? Does this mean learning from the US?

Li: We've been learning from all successful financial media across the world. But we'll never simply copy. The public opinion, media market and audience in China are completely different from those in other countries.

Building a global financial and economic channel is not an empty concept. International reports are a big feature of CCTV-2 now. We've made great efforts in this respect. International strategy is quite important for the channel.

Currently, China's events, to some degree, are global events already. Even when we are reporting China, we sometimes need an international frame of reference. People want to see international experiences when China makes a move or implements a reform. Financial reports also need to display prices in the global market and world economic tendencies.

Also, along with China's rise, we need to have a stronger voice on the world stage. We now cooperate well with mainstream international media, like Reuters. Their objective comments about China are more influential and convincing than the single voice from us. We've interviewed global political leaders, Fortune 500 CEOs and well-known economics scholars. Our reports are also quoted by foreign media.

We don't need to speak English. If the voice is strong enough, people will naturally pay attention.

GT: Some criticize CCTV-2 for being too closely linked to business PR. What's your opinion on this?

Li: Holding forums, annual conferences and other activities is actually a common practice of international financial media, and some Chinese financial media, like China Business News channel and Chinese Entrepreneur magazine. This actually shows that a financial media source has becomes mature.

Media organizations should interact more with businesses and the public. Previously we mainly focused on programs on the screen. Now we should pay more attention to activities behind the screen, to put us more in touch with what people are thinking about.

Wang: CCTV-2 has spent lots of time and energy in organizing some activities during past months. They made these activities into programs, too, such as China Annual Economic Report, China Annual Economic Conference, Top 10 Chinese Economic Figures and so on.

I'm afraid such a practice unconsciously leaves people with an impression that the channel is primarily aimed at people like corporate bosses and entrepreneurs, no matter what slogan the production team espouses.

GT: What's the biggest difficulty that the channel will continue to face in the following period?

Wang: Financial and economic education remains a difficult task. But as a public channel, it should do more to draw public attention to significant issues concerning social and economic life. For instance, last year it should have paid more attention to the Copenhagen Climate Change Conference.

Objectively, the channel's performance in drawing public attention to some important economic issues is not bad, like the heated discussion on China's real estate market. China's economic development is at a key stage. TV channels should have an educational function. Many Chinese are economic amateurs, and we need to help them understand the markets and the way business works.

Li: I agree. Actually the ratings has climbed up since we reformed CCTV- 2, which has encouraged our team. People's distance from finance and economy has been shortened.

The biggest problem of building a global leading financial and business channel is the lack of talent. We need people who understand finance, TV operation and foreign languages at the same time. New types of workers have also emerged, like market analysts, online data packers, financial commentator and so on. Programs cannot be made by just reporters and producers any more.

The key of the establishment of a professional financial and business channel lies in the building of an outstanding team of talent. This problem cannot be solved overnight. And we are launching training and other methods to tackle it.