CHINA-ECONOMY: CHINA'S FILM INDUSTRY WILL LOSE OVER 30 BILLION YUAN (US$ 4.3 BILLION) THIS YEAR DUE TO COVID-19

The China Film Administration — which decides what films are released in China and when — estimated on April 29 that the country’s box office will lose over 30 billion yuan ($4.3 billion) this year. Separately, internet services giant Meituan Dianping CEO Wang Xing warned that Meituan could sink back into the red in the first quarter after reporting quarterly profits three times last year. Meituan Dianping, which has a relationship with the millions of businesses that use its platform, marketing services and huge fleet of delivery drivers, has been accused of charging its partners excessively high commission fees and forcing them to sign exclusive contracts.





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