As the domestic box office posted revenues higher than the last year's total, the State Council has approved a new draft of the Film Industry Promotion Law.
For the past eight months since 2015 kicked off, the gross revenues of the theatrical box office have already exceeded 30 billion yuan, according to the State Administration of Press, Publication, Radio Film and Television (SAPPRFT), as cited by the Xinhua News Agency.
The figure is a 48.5-percent increase from the revenues garnered in the same period last year. As of midpoint of 2015, the local box office continues to post break-neck performance.
SAPPRFT added that for this year, the box office is also expected to surpass the 40-billion-yuan mark.
Nonetheless, industry insiders said that amid such growth, the local film industry is still hampered by laws and regulations tagged as "antiquated." They also complained that the said Film Industry Promotion Law has been delayed for already two decades.
After the approval of the State Council, headed by Premier Li Keqiang, the law is now subject to discussion and approval by the National People's Congress (NPC) Standing Committee.
The law is predicted to trigger a series of incentives (e.g., financing, investment and land usage, and taxation) that can further urge businesses and individual players to enter the lucrative industry.
For film and TV director Che Jingxing, "the law will deepen reforms of the film industry and help create a fair and well-ordered competitive market."
One commentator noted that the recent development with the Film Industry Promotion Law is a greater leap compared with what transpired in 2006, the last time it received a major legislative push.