Monday Update: Universal is now reporting that The Bourne Legacy took in $3.1 million in China over the weekend for a cume of $29.5 million.
|Sunday Update: Universal reports that The Bourne Legacy took in $2.8 million in China during its third weekend of release. The action flick has now reached $29.3 million in China. Legacy's international total is $157.7 million.
Death by China, a scathing look at the US/China relationship, added another $874 from one theater this weekend. The documentary has grossed $37,412 since opening at the end of August.
In February, China changed its quota of foreign films allowed into the country from 20 to 34. The impact has been enormous, and Hollywood blockbusters such as Taken 2, Titanic 3D, The Expendables 2 and Ice Age Continental Drift have been consistently performing ahead of domestic productions.
At a news conference held during the 18th National Congress, Tian Jin, vice minister for the State Administration of Radio Film and Television, addressed the issue.
"This has brought handsome profits to the American film industry but has also posed pressure and challenge to the Chinese film industry," said Tian. "The objective reason is that more foreign films in the Chinese market have dealt a blow to domestic films, and the subjective reason is that the domestic film industry needs to be more competitive."
Tian noted that domestic box office accounts for only 40% of 2012's total, That represents a significant drop from the 53.6% total at the same point last year and the 60% tally in 2010.
Chinese multinational electronics company TCL has signed a deal with Disney that will allow their products to be seen in Iron Man 3. [ComicBookMovie.com]
Chinese stocks fell for a fifth straight day as the business community grows concerned that the new leadership won't implement reforms. [Bloomberg]
Sony Pictures Television and Youku, China's largest Internet television company, signed a five-year deal on Tuesday that will bring 300 films from the Sony catalog to Youku. [CRI]
China's economic future is at stake as the transition of power from Hu Jintao to Xi Jinping begins. Xi has big shoes to fill considering that under Hu the economy quadrupled in size in dollar terms. [Bloomberg]