The mainland fad for online novels has opened up a huge new market for literature websites, industry insiders say. Luo Li , director of publications at CMFU.com, says the annual market for original online Chinese fantasy novels is estimated at about 300 million yuan, with the market growing every day. 'About 10 million words from original novels and other literary works are being published by 4,000 or 5,000 online writers each day on our website,' Mr Luo said. And the huge increase in online literature shows the great demand for internet-based fiction. 'Literature websites have found a payment system for online reading that works. It involves asking online readers to pay fees,' he said. 'We have signed contracts with about 80,000 writers and ask readers for just two fen for every 2,000 words.' Mr Luo says the number of readers registered with his website increased from three million to six million last year, of which 600,000 were paid-up members. Most of the online readers are between 22 and 35, the generation that has spurred the growth of the internet industry. 'Most online readers are well-educated young people who have access to the internet all day. These people are also our targets who spend a lot on books, movies, toys and games developed from the original novels,' he said. 'It will become an industry chain on the mainland.' Xiang Zhuwei , a senior Beijing-based book editor, says the development of online literature in China is much more promising than in western countries. Ms Xiang also says online literature is more entertaining and commercial than traditional literature in China. 'Individuals in China found it very hard to publish their own novels before because of the tough system,' she said. 'The internet offers young writers free space and opportunities to reach readers.'