Shanghai is now hosting its 21st International Film and TV Festival, bringing hundreds of films and dozens of movie forums to the city. The festival is also bringing significant economic benefits to Shanghai. Our reporter Chen Tong has the story.

Just as in previous years, the 21st Shanghai International Film and TV Festival is offering a variety of activities for audiences and industry insiders -- forums talking about the development of the domestic film industry, exhibitions showcasing the latest film technology and -- outside the venue -- hundreds of domestic and foreign movies being screened for Chinese audiences. And of course the festival is also the venue for signing contracts to show and make more movies. Industry insiders say all of it boosts the development of China's film industry.

WANG CE CEO, SHANGHAI FIRSTAKE CONSULTING "Those activities are helping the country's film industry in way or another. The festival has a long history -- almost 30 years. It provides an incubating and financing platform for start-up projects and will help young directors."

The Shanghai International Film Festival lasts for ten days. Over 500 movies are on show, with total of 1,500 screening sessions, and they bring in the box office revenue. Aside from giving a boost to the development of the domestic film industry and a showcase for its accomplishments, however, the festival has plenty of good side effects on the city's tourism and culture sectors.

YANG LELE, FORMER MARKETING DIRECTOR SHANGHAI INTERNATIONAL FILM & TV FESTIVAL "The center of the culture and film business still based in Beijing. But the funny thing is every year in mid June. All filmmakers from Beijing, they all travelled and got together in Shanghai. Just imagine how much revenue will create in terms of transportation, hotel and dining. If you got a chance to go to the venue, for example, the Shanghai film and art center, if you look around, and also coffee shops and restaurants are all packed, the hotels are all packed."

And what's behind it all, of course, is the large potential of China's film industry. China now has more than 50,000 movie screens, more than any other country in the world. China's box office earnings reached 20 billion yuan in the first quarter of this year, breaking world records.