A new law on the film industry is adopted by China top legislature. The law is the first of its kind in the country, currently the world's second largest film market.

The law will lower the barriers-to-entry for movies and it will continue to aim for movie industry growth. Pre-approval of movie shootings will be canceled starting from March next year.

Some of the law's measures include: Strengthening national government support for the movie industry through fiscal tools, taxation and finance; delegating the power of most film censorship and film festival hosting to lower tier departments such as the provincial administration of radio, film and television, instead of centralized censorship; expanding the scope of regulations and increasing the penalties for violations such as box office fraud; and encouraging high-quality movies and advanced industrial technology.

The law will lower the barriers-to-entry for movies and it will continue to aim for movie industry growth.

"Our country's film industry over the past few years has made trememdous progress in terms of box office results. It's really pleasing, but we must not be satisfied with just that. Now, from producing, to releasing to the box office, all aspects of the film industry have a law to regulate it. It's important for the healthy development of the industry in the long term," said He Dongping, NPC deputy.

In recent years, with the rapid development of China's film industry, making films with foreign organizations has became a major development trend, and also an important way for the Chinese films to be seen abroad. The "Movie Industry Promotion Law" will strengthen the management of these co-productions.

"Now China has law on the film industry. I think that means filmmaking is not just for entertainment, it's also part of cultural development," said director Ang Lee.

The movie industry promotion law was approved by the Standing Committee of the National People's Congress and will be implemented on March 1st, 2017.

China's box office takings exceeded 38 billion yuan as of October, leading to speculation that China's market will surpass North America's as early as 2017.