BEIJING, Dec. 11 (UPI) -- China has banned all foreign investments in domestic media production, at least temporarily.
Daily Variety reported the declaration by Chinese officials contradicts a 2004 set of rules dictating foreign investments by disallowing all financial endeavors by outside forces in the nation's TV and film industries.
State Administration of Radio, Film & Television exec Zhu Hong clarified the move by pointing out its temporary nature, but also reiterating the move towards a strengthened local media movement.
"Our policy is to temporarily not approve the creation of new joint companies," Zhu explained.
"People can jointly invest in filming individual movies and individual television dramas, but we are not going to approve the creation of program production companies," he added.
Variety said the government is also not considering any production increases by foreign TV companies already broadcasting in China.
