– Chinese content sites and on Monday jointly announced the
creation of a new International Movie & TV Copyright Joint Procurement
Fund, into which they will each invest $5 million.

The fund — the first of its
kind in China — is also
supported by China’s State
Administration of Radio, Film and Television, the National Copyright
Administration of China, the Beijing
International Copyright
Trade Center
and CCTV International.

"The hearts of editors at are bleeding.
Pioneering the fight against piracy requires more than just courage," said
CEO Li Shanyou. said that it started deleting foreign films and TV
series uploaded to its site by users late last year, with Li sating that
"the website will see a decline in traffic as a result of the move… but is
confident that traffic will surge in several months, when Internet users can
only choose to watch [licensed] copyrighted content because other websites will
be deleting [unlicensed] copyrighted videos too."


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