Hong Kong and mainland
entertainment industry insiders are expecting a big payoff
from the third phase of a cross-border trade pact.
The State Administration of Radio Film and Television
deputy director Gu Guoqing said Hong Kong would see
increasing benefits as the latest stage of the Closer
Economic Partnership Arrangement progressed.
He said before CEPA came into force, only about 10
films were made annually by mainland and Hong Kong
But now, out of the total of 160 movies that will be
produced on the mainland this year, more than 40 are co-
produced by Hong Kong and mainland companies.
Gu and Hong Kong‘s Secretary for Commerce, Industry
and Technology Joseph Wong Wing-ping opened MCL cinema city
in Shenzhen on Sunday, the first mainland cinema fully
owned by a Hong Kong company under CEPA III.
Gu predicted the gross box office of the mainland film
industry will exceed 2.5 billion yuan, or 300 million US
dollars, this year.
He said a few super co-operative movies are coming out
at the end of this year, like The Banquet directed by Feng
Xiaogang , Curse of the Golden Flower directed by Zhang
Yimou and Jackie Chan‘s Rob-B-Hood.
He added that co-operative movies will attract more
investors from overseas and CEPA will bring Hong Kong more
advantages in this field.
Under CEPA III, Chinese-language films produced by Hong
Kong companies are allowed to be distributed on the
mainland as long as a Hong Kong company owns more than 50
per cent of the copyright and more than half of the crew
are Hong Kong people..