More market forces will soon be at work in China's film industry with the emergence of a new film company. It's called China Film Group United and it's the former off-shoot of a much bigger state-owned conglomerate. It's also the first independent film company to have the go-ahead to make movies in this country.
The new company is originally one part of the China Film Group Corporation and is, of course, state-owned. It's been repackaged as a joint-stock venture but the biggest stock-holder is still the old parent company. But the chairman of the new outfit insists the movie-making monopoly be broken up.
Jin Zhongqiang, chairman of China Film Group United, said: “Originally only state-owned film companies could be licensed to produce a film. But now we've got the license from the State Administration of Radio, Film and Television, and the monopoly has been broken up. That means non-state-owned film companies will be licensed too."
The new company will be able to attract investment from China and overseas. Its success is expected to speed up changes within China's film industry.
(CCTV.com August 21, 2003)
