The white knight that is trying to save ailing retailer Zhengzhou Baiwen has turned its sights on another rescue project - reviving a mainland newspaper. The Sanlian Group has put up the funds for a business weekly to be called the Economic Observer to capitalise on a fast-growing market and less stringent controls on economic reporting on the mainland. 'There is a lot of demand for economic news,' said editor-in-chief He Li. 'We plan to offer a livelier version of business news.' The venture will take over an existing licence held by the Xinxi Kuaibao, a publication based in Shandong province. The first edition of the revamped newspaper will be on the streets tomorrow. The weekly will have an editorial staff of more than 40, most of them in Beijing, with bureaus in other key cities on the mainland. There were no initial projections for circulation. The Economic Observer will focus on capital markets and general business news, using a mix of more robust reporting, colour photos and less grey space than many of China's mainstream publications. China keeps tight controls on its domestic media, and only a handful of general newspapers, mainly in Guangzhou and Beijing, have been willing to test the limits of censorship. Beijing also keeps a wary eye on business reporting but restrictions on editorial content are considerably less strict. Journalists say backers of the project have seen the growing popularity of a number of new publications such as the 21st Century Business Herald, which is part of the Nanfang Ribao Group based in Guangzhou. 'We are hopeful of making a profit but there is a lot of risk in newspaper publishing,' said a senior executive at Sanlian. 'This will diversify our operations.' For Sanlian, the benefit could also be a visible link to a widely read newspaper.