The Fifth Beijing International Film Festival has signed a record-breaking more than 13.845 billion yuan (US$2.23 billion) in contracts in its Beijing Film Market section.

The Signing Ceremony of Sino-Foreign Co-production Films at the China Millennium Monument in Beijing on April 20, 2015. [Photo/China.org.cn]

The figure is a 32 percent increase from last year, and is more than any other film festival in Asia, according to the organizing committee at the Signing Ceremony of Sino-Foreign Co-production Films at the China Millennium Monument.

A total of 36 major projects, covering creation, production, release and marketing, were signed on Monday, the committee of the festival said. The film projects make up 4.495 billion yuan (US$725 million), film funds and theater chain projects see 5.5 billion yuan (US$887.2 million) and film studio base projects account for 3.85 billion yuan (US$621 million).

The projects included an animated film, "Beast of Burden," which will be co-produced by China Film Animation Ltd. and New Zealand-based Huhu Studios. It is an adventure story about how thoriphants, animals living an arduous life under oppressive masters, find love and learn to walk upright.

Chinese and South Korean film companies will also collaborate on six projects while Australia, Ireland, the United States and China will co-produce a series of films.

This year, the exhibition has drawn 275 registered companies, among which there were 140 international companies from 25 countries and regions including the U.S., Canada, France, Germany and Russia, far surpassing the number of Chinese companies.

More than 12,000 industry executives, veterans, workers and professionals and visitors went to the Beijing Film Market and participated in 38 events from April 17 to 20.

In the previous four annual festivals, 80 projects were signed, with total transactions of more than 27 billion yuan (US$4.35 billion).

Li Chunliang, vice president of the organizing committee and director-general of the film festival, said: "The Beijing Film Market is expanding at a yearly rate of 30 percent, which is mainly because of the arrival of these international filmmakers. They do not come for fun but for opportunities."

Speaking of the plans and the prospects for the Beijing Film Market segment, the marketing director of the festival Chen Caiyun said, "It's only five years old, and it's still a baby."

The advantage for late-comers is that you can avoid some detours, and there are more opportunities to overtake others. "The Beijing film festival is taking place in the prosperous environment of the Chinese film industry, which is like the Chinese economy at the beginning of the reform and opening-up period. We hope that for the next five years, we can be the top in Asia, and well-known throughout the world. "Chen said.

"As more and more foreign film companies enter the Chinese market, they open up the market, and enhance our professional level. The Beijing Film Market in the future will make a greater effort to encourage those processes which help the whole industry grow, and promote a win-win situation for Sino-foreign films," she added.

The festival will run until April 23.

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