Here's some uplifting and cheerful news for China's film industry. And it's becoming quite clear that 2004 was a good year. The State Administration of Radio, Film and TV reported a total box office income of US$67 million from the top ten domestic films; compared with US$52 million from the top ten imported ones.
2004 was the first year in China's film making history, that the top ten domestic films out-performed imported blockbusters at the box office. Not only were profits up, but so too was production.
212 films were completed last year, up 50 percent from 2003, with official investment remaining at the same level with the previous year.
The biggest hits of the year were House of Flying Daggers, Kung Fu Hustle, and A World Without Thieves. Meanwhile, overseas funds and private investment flowed into the sector in 2004.
More than 160 domestically produced films were solely invested by overseas or private investors.
(CCTV January 10, 2005)