An investment summit will take place in Wuxi, Jiangsu province, on Dec 15, to boost the development of the film industry in the city.
Co-hosted by the State Administration of Press, Publication, Radio, Film and Television, Jiangsu Administration of Press, Publication, Radio, Film and Television, and the people's government of Wuxi, the two-day investment summit will open at Wuxi Studios in Wuxi National Digital Film Industry Park.
The summit aims to strengthen ties between the film industry and financial institutions in Wuxi city and will witness the launching of an investment platform to drive more than 10 billion yuan ($1.49 billion) of funding to the film industry in the city.
Highlights of the summit will also include a new online platform introduced by Wuxi National Digital Film Industry Park to better facilitate film production by providing information on post-production and making arrangements for accommodation and studios for the cast and crew.
More than 300 officials from government bodies, experts and business representatives will attend the summit to discuss the current development of the film industry in Wuxi, and the future direction for the industry based on the application of new technologies in filming and film production.
Located in Binhu district, the 10-billion-yuan park was built with backing from the State Administration of Press, Publication, Radio, Film and Television and the People's Government of Jiangsu Province in 2014, and covers an area of 6 square kilometers.
The park features the application of cutting-edge technologies in filming and film production, and is expected to boost the film industry in Wuxi city. It was selected as one of the pilot districts for the promotion of culture and technology in 2014. Now the park is on its way to becoming an international digital film base with its label as "Huallywood" -- China's Hollywood –– being recognized by more people. The park has played its part in the production of some big screen sensations including The Ghouls, The Monkey King 2 and Star Wars: The Force Awakens.
This year, total revenues of the park hit 2.4 billion yuan during the Jan to Sept period.
Being one of the oldest cities in East China's Jiangsu province, Wuxi has long been the front runner in the Chinese film industry, taking advantage of its landscape and well-preserved ancient architecture. The CCTV Wuxi Movie/TV Base settled in Wuxi in 1987, and it is the first large-scale base for shooting movies and TV programs, as well as for tourism built in China.
Thanks to the support given by the government, the film industry in Wuxi is experiencing rapid development, with the park as its base. The added value of the film industry in 2015 was double that of 2014, and made up 2.3 percent of GDP. There are a total of nine TV channels, eight radio stations and 81 cinemas in Wuxi.