Deputy director-general of the State Administration of Radio, Film and Television Zhang Pimin recently said in Shanghai that China is holding negotiations with some European film powers, with the aim to sign a large inter-governmental cooperation agreements in film industry. The negotiations are "progressing smoothly" at present.
China is regarded as the rising market for the global film industry in future. Last year, Chinese film market generated 2 billion yuan in box office revenue. Over the next few years, the revenue is expected to soar to 8 billion yuan, which will form a lucrative market to European countries and the United States.
China had been negotiating with France and Britain for film industry cooperation and the talks had made positive progress in some important aspects, said Zhang.
Previously, China had signed an agreement with Italy on film cooperation between the governments of the two countries. Similar negotiations with Australia are also in progress.
Some of the media report that over the next few years, the United States plans to invest US$150 million in the "fast-growing Chinese film industry."
An analyst said that the European film powers clearly wanted to compete with the United States so as to gain a foothold in the Chinese market, while China seemed to maintain a balance between the two rivals in order to make gains for its own development in film industry.
(Chinanews.cn June 29, 2006)
