China: China will allow more U.S. films to be screened in Chinese movie theaters and widen market access to the fast-growing Chinese audience for Hollywood, a move that has annoyed domestic filmmakers. The agreement with the U.S. concerning issues related to films after their World Trade Organization dispute last year came during Vice President Xi Jinping's five-day U.S. visit last week. "This agreement with China will make it easier than ever before for U.S. studios and independent filmmakers to reach the fast-growing Chinese
audience, supporting thousands of American jobs in and around the film industry," U.S. Vice President Joe Biden said in a statement. According to the agreement, the annual quota of 20 revenue-sharing foreign films in Chinese theaters will remain unchanged, but it allows 14 premium format films, such as 3-D and IMAX movies and similar enhanced format films, which will be exempt from the quota. Also, the U.S. studios' share of their films' grosses in the Chinese market will rise to 25 percent from the previous 13.5 to 17.5 percent. Chris Dodd, president of the Motion Picture Association of America, called the pact "tremendous news for the millions of American workers and businesses whose jobs depend on the entertainment industry." China's box office has been growing at an annual rate of 30 percent since 2003, reaching $2.1 billion last year. It has become the highest-grossing overseas market for many Hollywood blockbusters, such as "Transformers 3" and "Avatar." Source: China.org.cn
