China TV, films go more private

Movie buffs in China are enjoying a great many smash hits these days. And the block-busting trend is being driven by private companies, which have been thriving since China began reforming its cultural sector in 2003.

Reign of Assassins, Eternal Moment, Guns and Roses, these 3 block-busting movies from 2012 were all produced by Galloping Horse, based in the capital. The company has also been producing hits for the smaller screen in the mean time.

But just 10 years ago, the firm was little more than an Ad company. But in 2003 it was able to begin film and TV production - a result of reforms in the cultural sector.

Li Ming, Chairman of Galloping Horse, said, "We saw new opportunities when the government launched a series of supportive policies. Through several years of growth and development, our company has now become a highly praised film and TV production company in the industry. We continue to maintain a drive to create high quality products."

And Galloping Horse is only growing as a force. Earlier this month, the company, along with its Indian partner, completed the purchase of U.S. visual effects business Digital Domain Media Group.

Digital Domain was created by superstar director James Cameron in 1993. It owns advanced visual technologies and has engineered special effects for a number of American blockbusters, including Transformers and Titanic.

A joint venture is set to open in Beijing by the end of November.

Li said, "We could not have gone this far without good government policies. We are already one of the best production companies in China and we are confident that our company will become a competitive player in the global market."

Private production companies are now responsible for nearly 70 percent of China's TV and film production. And this growth shows no sign of slowing as reform in the country's cultural sector continues to push ahead.