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Ministries to Allocate 100 Million Yuan to Support China’s Film Industry

People’s Daily reported that the Ministry of Finance, the National Development and Reform Commission, the Ministry of Housing and Urban-Rural Development, People’s Bank, the Ministry of Taxation, and the State Administration of Press, Publication, Radio, Film and Television jointly outlined several measures designed to establish financial support for the development of China’s domestic film industry. The measures include but are not limited to the following: allocating 100 million yuan (US$16 million) annually to support 5 to 10 key films; developing greater use of high-tech in film production; assisting domestic films to achieve a more substantial appearance in overseas markets; subsidizing theatre construction in the mid-west regions; providing favorable tax incentives from 2014 to 2018 to allow tax exemptions for certain incomes, including copyright transfers and box office revenue from the countryside.

Source: People’s Daily, June 20, 2014