Chinese boxoffice revenue to reach $4.9 billion this year

BEIJING: Chinese boxoffice revenue is expected to hit 30 billion yuan ($4.9 billion) in 2014 as the film industry expanded in a big way with joint productions.

China's film boxoffice reached 22 billion yuan in the January-September period, exceeding the total of 21.8 billion yuan last year, Wang Fenglin, vice president of the Chinese Film Producer's Association, said during a film industry expo today.

Home-made films accounted for 51.4 per cent of the market while imported films were 48.6 per cent. A total of 230 films were showed in mainstream cinemas in cities in the first nine months, Wang said.

China has worked a number of tie-ups for joint productions, including, one with India. An agreement was signed during Chinese President Xi Jinping's visit to India in September.

Already one joint production to make a film called 'Kungfu Yoga', which could feature Hollywood star Jackie Chan, has been signed between the two countries.

With the approach of such events as the popular Singles' Day (November 11) and Christmas, the boxoffice of films is expected to reach 30 billion yuan for the full year, Wang said at the event in central China's Wuhan.

He attributed boxoffice growth to the increasingly mature operation of the film industry and producers' increasing ability to make movies that draw interest from audiences, state-run Xinhua news agency reported today.

He said the Chinese film market will overtake the United States to become the largest in the world within three years as the numbers of screens and revenues are growing by 30 per cent annually.