WTO Entry Reshuffles China's Film Industry

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Last updated at: (Beijing Time) Monday, August 26, 2002

WTO Entry Reshuffles China's Film Industry

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Cinema complexes are expected to crop up in approximately 10 major Chinese cities including Beijing, Shanghai, Guangzhou and Shenzhen, according to the agenda of the Oriental Divine Dragon Film Company.

The new company will have a registered capital of 30 million Yuan (3.6 million US dollars) and be jointly run by the Changchun Film Studio and the Poly Group Corporation of China.

Other ambitious plans are brewing as the two partners hold frequent talks during the on-going Sixth China Changchuan Film Festival.

Meanwhile, the Century Hero Film Investment Company has already been founded by the China Film Corporation and China InternationalTrust and Investment Corporation. Six film producers have announced that they are joining with local TV stations and cinemas to produce, release and distribute movies on a large scale.

"It's a very profound change spurred on by China's WTO entry," said Liu Jianzhong, director of the State Administration of Radio,Film and Television, adding that it is also an inevitable outcome of the growth of the film industry under the condition of China's WTO entry.

The Chinese government has adopted a number of measures to boost the film industry in the country. New regulations released by the administration in February this year allow non-governmental organizations to produce films independently.

Capitals from overseas as well as domestic investment are encouraged for film production and cinema renovations.

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