Beijing: China has relaxed restrictions on Hollywood movies in a step towards resolving an outstanding World Trade Organisation (WTO) dispute.
China signed an agreement with the US Feb 18 to exempt an additional 14 US premium-format films, shot in 3D or using the big-screen IMAX format, from its existing annual film import quota, the People`s Daily reported Tuesday.
The agreement also increases US studios` permitted share of box-office receipts from films distributed in China from 13 percent to 25 percent.
Chinese industry insiders have welcomed the agreement, as they believe it will increase the overall level of domestic film industry.
"The expanded film import quota shows China`s openness and self-confidence, and will do more good than harm to domestic film industry," said Gao Jun, deputy general manager of Chinese theatre operator New Film Association.
IANS
First Published: Wednesday, February 22, 2012, 10:05