Filmmakers eye further opportunities in China

Chinese companies and their foreign counterparts are eyeing cooperation opportunities to tap into the country's booming film market, executives at the Chengdu Fortune Forum said on Thursday.

During a morning session, Jeffrey Katzenberg, CEO of DreamWorks Animation, told delegates he was keen to realize his dream of bringing the finest technology and artists to China to create world-class animation.

"The country will be able to make world-class animation within a handful of years," said the head of the world's largest animation maker, which established a joint venture, Oriental DreamWorks, in Shanghai last year.

"We have set the goal 'create in China, for China'," he said, adding that he was confident Oriental DreamWorks will be standing on its own in a few years.

"As the second-largest film market in the world, China's box office will reach 22 billion yuan ($3.6 billion) this year, and it will overtake the United States to become number one in the world within five year's time," added Katzenberg.

He said in film industry terms, at least, "the Chinese market is not emerging anymore - it has already arrived".

Wang Jianlin, chairman of Dalian Wanda Group, agreed with Katzenberg, and estimated the value of China's film market will be twice as big as the US within a decade.

Dalian Wanda spent $2.6 billion last year on AMC Theatres, the second-largest cinema chain in the US.

Wang said there is a huge appetite for film in China, especially for domestic movies.