2nd Beijing film festival generates 5.2b yuan in contracts

BEIJING - The ongoing 2nd Beijing International Film Festival has generated over 5.2 billion yuan ($837 million) in contracts signed for film projects, as of Thursday.

The figure represents an 88.7 percent hike on last year's total raised during the first ever film festival, which stood at 2.8 billion yuan.

This year's amount has also topped figures for contracts signed in all film festivals and exhibitions ever held in China.

During a promotional fair on Thursday, a contract signing ceremony was held for a series of film-related projects including a digital film project and a project for promoting low-budget films.

Statistics show that representatives from 600 film institutions at home and abroad, and more than 2,000 film professionals, including legendary director James Cameron, attended the festival.

Contracts for 21 major projects have been signed, and contracts for over 100 projects are expected to be signed, according to the festival's organizing committee.

Serving as a platform for the world's filmmakers to discuss development in the industry and share business opportunities, the festival has shown the world its accelerated pace in the building of a "metropolis of films and television," said Li Chunliang, director with the Beijing Municipal Bureau of Radio, Film and Television.

The 2nd Beijing International Film Festival runs from April 23 to 28.