Hollywood to Distribute More Enhanced Format Films in China
Vice President Xi Jining ended his U.S trip with a final stop at Los Angeles, the home of Hollywood and the movie industry. During his short stay in L.A., U.S. Vice President Joe Biden said that China has finally agreed to allow Hollywood to distribute films in China especially in Imax, 3D and other enhanced film formats.
This move significantly improves the market access of American films in the ever expanding audiences of Chinese people that are interested in watching Hollywood movies. Before a quota system was implemented that restricted the amount of foreign films to 20 in entering China annually. But in 2009, the WTO changed it by ruling against the Chinese limits on the import of DVDs, films, books and music.
Also during Vice President Jinping visit a number of economic and trade contacts were signed in Los Angeles including pacts with Sanhe Hope-full Grain and Oil Group that recently purchased the US$ 1 billion in soybeans and Yingli Energy who purchased US$ 1.6 billion in silicon materials from American companies.
Vice President Xi will now proceed to Ireland to start an official three day visit, where he will be treated to a castle banquet, a performance of Riverdance and a private visit to the Cliffs of Moher one of Ireland’s well known scenic spots. Xi will also meet with Irish Prime Minister Enda Kenny and attend the Ireland-China trade forum.