A new draft law aiming to boost the film industry in China, now the world’s second-biggest movie market, was put before China’s top legislature yesterday(Oct. 30).
Though it is only the first reading of the draft law, many industry insiders and experts have placed high hopes on the law to bridge gaps between domestic and foreign movies in technology, capital, talent and content.
Film legislation can stimulate the industry, regulate irregularities and safeguard China’s “cultural security,” said Cao Fuchao, head of China’s State Administration of Press, Publication, Radio, Film and Television at the start of the bimonthly session of the Standing Committee of the 12th National People’s Congress.
A latecomer in modern filmmaking, China has quickly caught up with other countries in terms of market share. As of September, the Chinese market had generated more than 30 billion yuan (US$4.7 billion) in box office sales, already more than the total for last year.
Under the draft law, filmmakers would receive incentives in financing, taxation, promotions and land use.
China supports the film industry by setting up special funds and encourages more investment in the industry. Tax cuts will be available for script writing, filming, distribution, screening, and overseas promotion of domestic films, according to the draft.
The government also encourages Chinese companies to invest overseas in collaboration with other film production companies and supports building movie theaters, it said.