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China’s film industry has not only delivered cultural influence but also an increasing contribution to the economy, meaning the whole industry has evolved to a higher level, leading film figures said during a finance forum at the 16th Shanghai International Film Festival yesterday.
The potential film market and increased capital committed to film production and distribution create opportunities for the industry, speakers said during the forum Creating Content for a Worldwide Audience.
“We talked about the art of films only a few years ago. Now we talk about not only art but also finance and overseas expansion,” said Ren Zhonglun. “The industry is definitely making progress.”
The combined box office of the United States and Canada grew six percent in 2012 to hit US$10.8 billion. In Asia Pacific, the growth rate last year was 30 percent and China’s box office jumped 30 percent to reach US$2.7 billion, according to Michael Ellis, president and managing director of MPA Asia Pacific region.
In 2018, China’s box office will hit US$10 billion, the current US market level, said Yu Dong, founder and chairman of Bona Film Group.
Films jointly-produced by Chinese firms and overseas studios also will become a trend, Yu added.
Levin Zhu, said the various finance channels bring in about 100 billion yuan (US$15.9 billion) a year in potential funding for China’s film industry, five or six times the annual box office.
“With enough capital, the next five years will probably be the best time for the Chinese film industry,” said Zhu.
Chinese directors and firms are also eying the global film market.
“A film with a good story reflecting the common feelings of human beings still has great potential in the international market,” said director Tsui Hark.
Beijing Galloping Horse Media Group, which has acquired US-based studio Digital Domain, has set up a new fund of US$300 million to tap into opportunities in new media and overseas markets, said Ivy Zhong.