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Since China adopted the policy of reform and opening-up in 1978, the Chinese media system has undergone a transformation. We survey and evaluate the media reforms. After summarizing the changes in media management, structure, and function, we discuss the challenges that China’s media industries are confronting today. These include the inherent contradictions of media attributes, the administrative segmentation of the media market, and the lack of adequate protection of free speech. We conclude with recommendations for the further reform of China’s media system.