China's movie market gains new ground

The Chinese film industry has demonstrated its prominence in the global scene, topping the world box earnings in the first quarter of this year

China has become a powerhouse in the global film market in terms of box office growth, according to the 2018 Chinese Film Industry report released at the Shanghai International Film Festival.

The festival, which is the only category A international film festival in China and one of the largest in Asia, was held for the 21st time from June 16 to 25 this year, showcasing 500 movies from around the world in 45 theaters in the city.

China's box office takings totaled 20 billion yuan ($3.1 billion; 2.6 billion euros; ￡2.3 billion) in the first three months of this year, surpassing the $2.89 billion raked in by the United States. This is the first time China has topped the global film box earnings in a quarter, according to Zhang Hong, vice-chairman of the Chinese Filmmakers Association, the institution behind the report.

The association has been compiling the report on China's film industry for 12 consecutive years, and this was the first time an international edition was released to introduce China's film industry to foreign peers.

China's film industry has been gradually catching up with the US in recent years. In 2017, box office takings in North America grossed $11.1 billion, falling by 2.3 percent year-on-year. In contrast, China's box offices earned $8.53 billion, a jump of 13.45 percent from 2016.