A landmark film co-production between the UK and China treaty that was inked in 2014 has now been ratified at the UK Government’s GREAT Festival of Creativity in Shanghai.
The purpose of the co-production agreement is to provide an official framework under which film producers in both countries can share financial, technical and creative resources to enable them to make their films and qualify for national support measures in their own country.
Reasons why this Treaty is so great for UK / Chinese Film Industries:
- Encourages cultural cross-links by enabling film-makers from both countries to work together using their respective strengths & facilities to create culturally relevant films.
- Secures increased inward investment for both countries.
- Maximises the potential of both countries’ film industries including the film-making facilities, locations and a suitably skilled workforce.
- Enables films made jointly by UK producers and their Chinese counterparts to qualify as films with “national” status in both countries, meaning that they are eligible to apply for any national incentives offered by either country.
- Facilitates smooth sailing through legal issues around working together & helps foster economic opportunities for UK producers giving them access to the Chinese market and funding sources.
- Films made through this Treaty will be exempted from the Chinese quota system which only allows 34 foreign films a year access to the domestic audience.
- Films made under this agreement will be certified as a British film. Such qualification is important as it is one of the eligibility criteria for receiving film tax relief in the UK & selective support available from BFI.
Culture Secretary Sajid Javid said of the treaty:
” The UK and China are home to two of the biggest & best film industries in the world.
Together Britain’s creative industries are worth almost £80 billion to our economy, almost three-quarters of a trillion Yuan, or about five per cent of the UK’s GDP.
China has a similar success story to tell. After a period of unprecedented growth, the creative sector here now contributes 3.6 per cent of GDP.
This treaty is a breakthrough for UK and Chinese production companies. It will pave the way for UK producers and their Chinese counterparts to share their creative expertise and make incredible films that will be enjoyed around the world”
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