Journal business models can be understood as an attention cycle. In this cycle, measured attention, in the form of bibliometric indicators, becomes a key asset that can be converted in readership and submissions. In the Chinese state-run publication system, it can also be converted into public support. The opportunities to assetize and convert attention and financial resources differs radically between English-language journals operating under Chinese control, Chinese journals operating with international publishers, or Chinese-language journals. Using data from qualitative interviews with Chinese editors, we demonstrate how this conceptualisation helps understand crucial differences between these journals, but also the specificity of the Chinese publishing system.