Under the deal, China will allow 14 more foreign films each year in the country -- mostly those in 3D or IMAX, the Los Angeles Times reported Friday.
Foreign movie studios would also be allowed to collect higher revenues from the films, about 13 to 25 percent of ticket sales. The revenue increase would allow movie studios to collect $20 to $40 million per movie, as opposed to $1 million a decade ago.
"This agreement with China will make it easier than ever before for U.S. studios and independent filmmakers to reach the fast-growing Chinese audience, supporting thousands of American jobs in and around the film industry," Biden said in a statement. "At the same time, Chinese audiences will have access to more of the finest films made anywhere in the world."
Notable deaths of 2014 [PHOTOS]