Filmmakers confident about China's movie market

"The film market in China is at a stage of rapid development. The Internet and new technologies have undoubtedly brought new opportunities to the industry," said Ye Ning, vice president of Huayi Brothers Media Corp.

"Watching movies is an important social activity in China and the whole industry is still driven by strong demand," he added.

Ye's view is echoed by Ellen Eliasoph, president of Weixiu Entertainment Group Asia, who pointed out that China's film industry is undergoing "qualitative change."

"Hollywood films are not enough for Chinese audiences. They also embrace Indian and Japanese movies as well as art movies, giving filmmakers tremendous opportunities," she said.

In 2017, Indian movie Let's Wrestle, Dad was introduced into the Chinese mainland, smashing the box office with more than 1 billion yuan. Siddharth Roy Kapur, the producer of the movie, said at the forum that he was "shocked" by China's film market.

Besides the forum, the 10-day festival which kicked off Saturday night also consists of activities including an opening ceremony, a film week and exhibitions concerning China's movie industry.

Founded in 1993, the SIFF is a competitive global event driven by Shanghai's efforts to become an international cultural hub.