China's box-office is slated to overtake its US counterpart in 2017 to become the largest box-office market in the world.

This rosy prediction came after more Chinese movie outfits are gearing towards going global to compete with international industry methods, a report released by H. Brothers Research and the Institute for Cultural Industries at Beijing University revealed on Monday.

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The report mentioned that Chinese entertainment firms are "no longer satisfied with domestic success, [so]  Chinese film companies are exploring the international market quicker than ever before."  

China's movie industry has been expanding at a rapid rate of 30 percent every year from 2005 to 2015. As of December 3, China's total box office gross already topped $6.1 billion. Almost 60 percent of this came from domestic films while the rest was earned from foreign movies, according to the State Administration of Press, Publication, Radio, Film and Television (SAPPRFT).

Despite the speedy pace of China's entertainment industry, overseas revenue slumped after earning 3.52 billion yuan in 2010, its record highest. It eventually dropped to 2 billion in 2011 until it slumped to 400 million yuan in 2013, its lowest ever.

According to Luan Guozhi, vice director of movie department of SAPPRFT, the best way for Chinese films to conquer the international market is to package the films and present it in a way that would entice foreign audience. China has already inked a deal with 13 countries including the UK and South Korea that would enable foreign movies to be shown in China without import quota slot.

Investing in overseas movie markets is also one way of expanding the Chinese reach.

"Many people in the movie industry agree that investing in foreign companies may be the fastest way for Chinese enterprises to learn how these Hollywood studios produce their films for the global market," Chen Changye, director of H. Brothers Research, said in an interview with Global Times. So far, Chinese film companies already partnered with Hollywood studios in producing 57 movies, including such hits as Mission Impossible 5 and animated films like Blazing Samurai, thus, boosting local revenue from international box-office hits.

"Things are just getting started. China's studios will soon bring more Chinese stories to the world in the future," Chen said.

TagsChinese box office, hollywood, China Overtakes US movie Industry