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: 0 Comment(s)Print E-mail China.org.cn, January 17, 2015

A still of "Black Coal, Thin Ice"

Chinese film market is a gold mine

The Chinese film market has become the second largest in the world, second only to the United States. China is not only more capable of withstanding the impact of Hollywood, but is expanding its influence overseas.

A report released by research firm Entgroup said that some 29.6 billion yuan (US$4.76 billion) was generated by 388 films screened in China last year, 36 percent up on 2013, achieved in a sluggish market, while North America registered a 6 percent drop.

The report said the quality of China's homegrown films is improving fast, with 54.5 percent of total box office revenues generated by domestic products. "The Monkey King" and "Break-Up Buddies" both grossed over 1 billion yuan respectively in China. This success of domestic films comes even after the imported movie quota was expanded from 20 to 34 in 2012, and regardless of the success of "Transformers 4: Age of Extinction," the highest-grossing film in China.

Entgroup estimates that China's film industry generated more than 50,000 jobs both directly and indirectly in 2014; with an output of 68.7 billion yuan. China is the main engine of the global box office with 75 percent of the annual increment from China. The domestic market is exerting a subtle influence globally, with all six Hollywood studios opening offices in China and starting more co-production projects.

Even though China seems to have become a gold mine for the world film industry, there were hidden worries since many blockbusters were poorly made but have either star-studded cast or hype due to social debates - even some young writer-turned-directors, such as Guo Jingming and Han Han can make bigger blockbusters than veteran professional directors. Most Chinese films still lost money while high-quality art-house films, such as "Black Coal, Thin Ice" and "Blind Massage," despite winning awards in the Berlinale and Taiwan Golden Horse Awards respectively, could not gain big rewards from the market.