Despite China's movie market having once been chased by investors around five or six years ago, the industry is now facing greater stress to raise production fees after struggling from the pandemic, said some insiders during the recently concluded 13th Beijing International Film Festival.
Rao Shuguang, president of China Film Critics Association, said the domestic movie market has undergone significant changes, and the financial pressures faced by many production companies have hindered the recovery and development of Chinese cinema.
Huang Qunfei, deputy general manager at Huaxia Film Distribution Co Ltd, reminisced about the period before 2018 when the Chinese film industry experienced a significant inflow of hot money, a controversial phenomenon which led to the creation of some bubbles in the market.
He added that the three-year pandemic has squeezed out the bubbles, filtering out those who were chasing short-term profits and leaving behind individuals who truly have a passion and love for cinema.
Jiang Defu, chief executive officer at Bona Film Group, recalled the shoot of The Battle at Lake Changjin, the company's most expensive movie which cost 1.3 billion yuan ($188.4 million), and how it was seriously affected by the COVID-19 outbreak.
"When the pandemic broke out, we had already invested 150 million yuan to assemble a crew of 2,000 people. However, we were forced to disband the team and saw the foreign actors return to their respective countries," he said, adding that the movie faced huge financial stress when it struggled to resume shooting.
He suggested creators and investors should collaborate more closely to face difficulties and challenges together, helping the Chinese film industry to become more resilient and able to face off risks.
