Private, foreign investment to boost Chinese film industry
(Xinhua)
Updated: 2005-01-12 13:31

More private and foreign investment will go to Chinese film industry in 2005, according to sources from the China Changchun Film Festival held from January 11-12 in northeast China's Jilin Province.

"We will cooperate with film companies from Russia, Austria andthe Democratic People's Republic of Korea in movie production thisyear," announced Zhao Guoguang, chairman of the Changchun Movie Production Group Company at the festival.

In fact, private and foreign capital have injected great energyinto the Chinese film industry in the past year. The additional money helped solve the fund shortages, which has been plaguing theChinese film industry for years.

The participation of private and foreign capital has born remarkable result in China.

In 2004, approximately 80 percent of the 212 movies produced inChina were funded by private or foreign companies, according to statistics from the State Administration of Radio, Film and Television.

Apart from movie production, foreign capital has also been invested in the construction of cinemas in China. After January 2004, cinemas jointly funded by domestic and foreign capital are being built in Beijing, Shanghai, Guangzhou and other big Chinese cities.

Analysts said that private and foreign capital will occupy a much bigger part in China's movie industry as the country continues to open itself to the outside world.

From late 2003, foreign capital was officially allowed to enterinto the Chinese movie production industry. This practice complieswith the commitments of China's entry into the World Trade Organization (WTO).

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