Hollywood has set its sights on the massive movie-going market in China but filmmakers in the world's second-largest economy are stepping up efforts to carve a niche in the U.S., says an executive at one of the country's largest movie makers, Huayi Brothers Media Corp.
Last year, Huayi struck a deal with America's STX Entertainment to produce at least 18 movies over three years.
The deal, along with conglomerate Dalian Wanda's $3.5 billion acquisition of U.S. film studio Legendary Entertainment in January this year, underscore steps by Chinese movie makers to move out of their home turf.
According to China's State Administration of Press, Publication, Radio, Film and Television, China's box office receipts grew 48.7 percent on-year in 2015 to hit a record $6.78 billion, according to the state-run Xinhua news agency.
For Chinese film makers, it's not just about capturing another large market but strengthening content making capabilities as well, said Huayi chairman and chief executive officer, Dennis Wang.
"So many American companies are coming to China, taking a certain percentage of our market share, yet they can still deliver billions of dollars of box office back home. I think companies like Huayi and Wanda do have the capital and experience to make English movies … If we use three to five years, or even 10 years to own the intellectual property rights of many good English movies, that would be a big help to the growth of Huayi's entire industry chain," Wang told CNBC.