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Spain and China have signed an audiovisual co-production agreement as part of a package of 14 bilateral agreements between the two countries, the Spanish Culture Ministry’s Film Institute announced.
The deal, worth €3.1 billion, was signed last week between Spanish Prime Minister Mariano Rajoy and Chinese Prime Minister Li Kequiang in China.
The agreement allows Spanish films much sought-after distribution in the Chinese market, provided each of the co-production partners has a minimum of 20 percent in the feature film. While Spain’s box-office figures are up 2 percent over last year, with Spanish films snagging a record 23.6 percent by the end of September, Chinese box-office revenue jumped 32 percent to hit $3.55 billion.
The Film Institute applauded the measure and said the deal came as Spain had recently approved incentives to attract international shoots, including a 15 percent tax deduction for foreign productions, with a €2.5 million cap.
Spain is looking to bolster its appeal. Last week at the San Sebastian International Film Festival, a delegation of Canadian producers looking to triangulate with Spain and Latin America attended the co-production forum.
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Tracee Ellis Ross