Boost for Hollywood studios as China agrees to ease quota on US films:

Limit currently set at 20 blockbusters a year to be raised to 34 – but additional movies must be 3D or Imax versions.

Major American studios and independent film-makers alike are celebrating the deal to settle a long-running trade dispute, struck by Joe Biden and Xi Jinping.

It also allows foreign film-makers to keep a bigger share of box office takings: they will receive 25% instead of 13%. “This is a very big deal,” said Chris Dodd, chairman of the Motion Picture Association of America.

This will be huge for the U.S. film industry.