The Second Beijing International Film Festival (BIFF) is set to raise its curtain on April 23. A signing ceremony entitled "The Plan for the Development of Chinese New Commercial Films" will be held on April 25 as part of the event, chinesefilms.cn reports.
Beijing Dadi Century Ltd., CashFlower Communication and Beijing Golden Film Culture Media Co., Ltd. will invest a total of 300 million RMB (about 47.8 million US Dollars) towards the creation of local films produced by new directors.
According to Wang Dayong, president of CashFlower Communication, the three partners will produce at least 15 local films over the course of the next three years. Three of the films produced by the three partner companies will be unveiled during the 2nd BIFF.