China’s cinema giant, Wanda has announced plans for an international film festival and film park which is set to launch in Qingdao, China in 2017. Wanda owns a number of Cinemas’ throughout China and is the biggest shareholder in the North American cinema circuit. The new film festival is set to bridge the gap between Eastern and Western filmmaking cultures.
Back in April, the UK and China signed a film co-production treaty, which will allow British/Chinese co-productions to access the same national benefits such as the sources of finance which are currently available to British films through the British Film Institute (BFI).
The treaty is part of a recent UK Government delegation to push forward new areas of culture collaboration which will support and add to the success of the UK’s creative industries. It was originally negotiated by the BFI and supported by the UK Trade & Investment in Beijing, allowing qualifying co-productions to access national funding benefits such as Tax Relief.
China’s film entertainment sector is a big industry; it was estimated at US$3.26bn in 2012. The new treaty will allow films which are made as co-production to access the second highest box office audience in the world, allowing British film a chance to crack the Chinese film market, navigating the cultural divide.
Although 2017 is a few years away, the Qingdao Film Festival is sure to be a big thing, giving the likes of Cannes and Berlin a run for their money, after all China is usually known for being ahead of the game….watch this space for exciting updates.
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