Shanghai Int'l Film Festival: Industry leaders talk about the golden age of Chinese cinema

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The film festival is also hosting a series of forums that offer insight into China's ever-changing film industry. Our reporter Xu Mengqi attended one where industry leaders discussed the sector's achievements and challenges.

Storytelling in the most engaging way. Cinema is now a national pastime for Chinese people. And for leaders of the Chinese film industry, it's a golden age they've long awaited.

YU DONG FOUNDER & PRESIDENT, BONA FILM GROUP "In 2017, China's theaters saw 1.63 billion tickets sold. This year's Spring Festival alone the theaters saw 300-million movie-goers. In 2018, we're expecting it to exceed 2 billion."

On day 2 of this year's Shanghai International Film Festival, leading Chinese production and distribution companies gathered to share their thoughts on how the industry has developed, and how it should continue to do so. And not surprisingly, many say now is the best time yet for China's film industry.

XU MENGQI SHANGHAI "In the past 15 years, China's box office receipts have grown from less than 1 billion renminbi to more than 55 billion in 2017, and many say that China is on track to become the largest film market in the world."

NICK MCCALLUM AUSTRALIAN FILM PRODUCER "I've been tracking Chinese cinema for the last 15 years. Now is the golden time, it's about to blossom and spread the wonderful cultural talents that China has across the globe."

But the fast development of China's film industry has also created problems. Speakers say they include unreasonably high taxes on actor salaries, a less than transparent box office, and a low return on investment.

WANG CHANGTIAN CEO, ENLIGHT MEDIA "After deducting the fees for distribution and cinema services, the production group can only get less than one third of the box office revenue. But it shoulders all the market risks."

REN ZHONGLUN CHAIRMAN, SHANGHAI FILM GROUP "I remember the slump of Chinese cinema, when one film would only be screened twice and have three audience members. I am very afraid that unhealthy elements would disrupt the momentum of development."

But as China's first-quarter box office receipts are already trumping North American numbers, business leaders say the industry is on the right track. And many feel this new golden era will carry well into the 2020's, and possibly beyond. XMQ, CGTN, Shanghai.