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July 28, 2011
Chinese box office grew by 18 per cent in the first half of 2011 to reach RMB5.7bn ($884.2m) with local films taking a 51 per cent market share. Highest-ranked title in first six months was Kung Fu Panda 2, earning RMB567m ($92.6m). However, US films' revenues rose by a modest 2 per cent over same period last year against an 18 per cent rise by Chinese films, which earned a total of RMB2.93bn ($454.7m). However, last year included Avatar and Alice in Wonderland. Ten films so far have broken the RMB100 ($15.5m) barrier out of the 103 film released in the period (74 domestic against 29 imported). Historically, the second half of the year is a greater earner at the box office.
The government has launched a private equity fund for cultural industry investments, worth an initial RMB10bn ($1.55bn). China Culture Industrial Investment Fund is backed by Ministry of Finance and three publicly-owned companies: Bank of China unit BOC International, China International Television Corp and Shenzhen International Cultural Industry Fair. Fund is aimed at easing problems faced by companies in this sector in raising money.
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