China's media: quota on Hollywood film imports to expand

China's quota on foreign film imports is likely to be expanded and Hollywood will get a greater share of box office revenue after officials and film industry executives from both countries meet to renegotiate trade terms later this month, China's state media reported on Friday.

The English edition of the People's Daily, the official newspaper of the Chinese Communist Party, and the Global Times, predicted that a dozen more films will be added to the current quota of 34, citing local industry experts. They also forecast that the share of box-office revenue that US distributors are entitled to receive will increase toward the international average of 40 percent from the current 25 percent.

The reports came after US President Donald Trump and Chinese President Xi Jinping spoke by telephone on Thursday.

According to a statement issued by the White House, Trump offered Xi an affirmation of the One China policy, which has served as the basis of Sino-US relations for a generation. The White House described the conversation as "extremely cordial".

In a separate statement carried by China's Foreign Ministry, Xi said China appreciated Trump's upholding of the "one China" policy.

"I believe that the United States and China are cooperative partners, and through joint efforts we can push bilateral relations to a historic new high," the statement quoted Xi as saying.

China uses various means to protect its growing domestic film industry from Hollywood domination, including the strict quota limiting the number of foreign movies allowed into the local market on revenue-sharing terms. Under the current five-year deal, which was signed by former Vice-President Joe Biden and Xi in February 2012, China accepts 34 overseas films per year, with 14 of the titles required to be 3D or large-format movies.