China signs co-production deal with Spain
After the UK and India, China has now also signed a co-production treaty with Spain.
As Spanish President Mariano Rajoy visited Beijing, both governments signed the deal which will ultimately give Spanish producers access to the box office of the Asian superpower.
Spanish films will be allowed to be distributed within China providing each co-production partner has contributed a minimum of 20% to the feature.
Chinese productions are also able to access Spain’s 15% tax deduction for international productions, a figure set to increase to 20% in the near future. Currently a draft bill is expected to be amended slightly by the Spanish parliament after which it will be debated in parliament. When exactly the final bill will come into force is currently unknown.