Its success has revived hopes for China's movie industry, which has struggled to compete against Hollywood's big budget, special-effect laden productions.
Mr. Reeves's "Man of Tai Chi" is being funded by Australia-based Village Roadshow along with the state-backed China Film Group and Wanda Group, China's largest movie-theater operator.
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Meanwhile, he adds, China is opening new movie studios at a furious record pace, a fact that will naturally sharpen the focus of enforcement officials on the entertainment industry worldwide.
America can sell Boeing airplanes, Microsoft Windows and the Disney-made Kung Fu Panda movie series to China.
One movie industry expert in China said that due to the lack of clear rules, the amount of a tax any studio has to pay may depend on its ability to negotiate with China Film Group.
Ge You and Feng Xiaogang (a famous movie actor and director in China) both know this.
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The movie's performance in China was particularly strong.
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By some accounts there are five new movie theaters opening every day in China.
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Chinese regulators often request changes to films to remove sexually explicit scenes, violence and other topics deemed inappropriate for the audience in China - which is now the second-biggest movie market in the world.
When it comes to movie tickets, state-owned distributor China Film Group has recently sought to deduct the cost of the tax entirely from foreign producers' share of the box office, said several people involved in international film distribution.
China has become the world's second-biggest movie market, displacing Japan, underscoring its importance as a key market for Hollywood's moviemakers.
With China surpassing Japan as the world's second largest movie market last year, studios that successfully appeal to Chinese audiences can reap sizeable profits.
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From medicine and hospitals to restaurants and movie tickets, says Judy Pan at the Boston Consulting Group, China has studiously avoided consolidating information.
Chinese viewers will see a movie about Jeff Chang, a Chinese native living in America but returning to China.
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Yesterday, Skyfall opened in China to enormous numbers, and it should finish its run as the seventh highest-grossing movie in history, bumping The Dark Knight Rises down to number eight on the all-time list.
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Movie-industry insiders question whether such films could even be made these days, given China's growing market importance.
The movie was running ahead of "Avengers" in several countries, including Russia, South Korea and China, if early estimates there prove accurate.
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