During Spanish Prime Minister Pedro Sanchez's visit to China on April 11, the two countries signed a memorandum of understanding (MOU) on film cooperation, injecting new momentum into bilateral cultural exchanges.
WASHINGTON, April 14, 2025 /PRNewswire-PRWeb/ -- CGTN America & CCTV UN releases "China and Spain Strengthen Film Cooperation with New Agreement"
During Spanish Prime Minister Pedro Sanchez's visit to China on April 11, the two countries signed a memorandum of understanding (MOU) on film cooperation, injecting new momentum into bilateral cultural exchanges.
China and Spain will deepen collaboration in the film industry, including joint participation in festivals, mutual screenings, co-productions, and personnel exchanges, according to the MOU inked between China's National Film Administration and Spain's Institute of Cinematography and Audiovisual Arts.
The enhanced film partnership between China and Spain stands in sharp contrast to Beijing's announcement of its plan to moderately reduce the number of U.S. films imported.
A spokesperson for the China Film Administration said on April 10, that the adjustment follows market principles and reflects audience preferences, as the United States' recent hikes in tariffs on Chinese imports are bound to impact Chinese audiences' interest in U.S. films.
Following China's signal to cut Hollywood imports, shares of several major U.S. film and media companies fell sharply.
An article by Yuyuan Tantian, a Chinese social media account, says that film is part of the service trade, and the United States is China's largest source of services trade deficits. According to U.S. Department of Commerce, American services exports to China surged from $5.63 billion in 2001 to $46.71 billion in 2023, while the annual services trade surplus ballooned 11.5 times to $26.57 billion, peaking at $39.7 billion in 2019.
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