BREAKING NEWS

US clinches deal to open China movie market

By REUTERS

FEBRUARY 18, 2012 07:18

WASHINGTON - US Vice President Joe Biden said on Friday that China has agreed to significantly improve market access for American movies, capping a week-long visit by China's leader-in-waiting that led to billions of dollars in business deals.

"This agreement with China will make it easier than ever before for US studios and independent filmmakers to reach the fast-growing Chinese audience, supporting thousands of American jobs in and around the film industry," Biden said in a statement after Chinese Vice President Xi Jinping's whirlwind tour to the United States.

The agreement allows more American exports to China of 3D, IMAX, and similar enhanced-format movies on favorable commercial terms, the US Trade Represenative's office said.

"This is a major step forward in spurring the growth of US exports to China," Chris Dodd, president of the Motion Picture Association of America (MPAA), said in a statement.

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