Shanghai's twin film and television festivals have become a barometer for China's rapidly expanding cultural economy, with industry leaders pointing to unprecedented growth opportunities. Bona Film Group COO Jiang Defu revealed in an exclusive interview with CGTN that China's box office recovery and production expansion signal ‘strong confidence in the industry’s future’.
‘The synergy between film releases and tourism promotion has created new economic value chains,’ Jiang noted, citing recent collaborations between filmmakers and local governments to showcase regional cultures. This cultural-commerce blend aligns with China's push to develop ‘high-quality cultural products’ that resonate globally while stimulating domestic consumption.
Industry data shows Chinese cinemas attracted over 500 million moviegoers in the first half of 2024, with domestic productions claiming 75% of market share. The Shanghai International Film Festival alone hosted 450 global exhibitors, underscoring China's growing influence in international co-productions.
For investors, the sector’s 18% year-on-year growth in production investments offers new opportunities in content creation and immersive technologies. Academics highlight the industry’s role in soft power diplomacy, with historical epics and contemporary dramas gaining international streaming traction.
