LOS ANGELES (AP) ― China is continuing its courtship of Hollywood, with government officials touting a new fund that aims to co-finance movies.
Wednesday’s push comes just weeks after China’s leader-in-waiting, Vice President Xi Jinping, unveiled rules that would give foreign films better access to the country’s booming box office and a larger percentage of ticket receipts.
Yang Buting, former chairman of one China’s two national movie distributors, China Film Group, told a film finance conference in Los Angeles that China wants to help make movies that appeal to both Chinese and global audiences.
Studios are trying to break further into China, where box office receipts grew by more than a third last year to $2 billion. Meanwhile, North American theater revenue has fallen for the last two years.