The Chinese-produced animated sensation "Ne Zha 2" has made its mark on the U.S. market following its release last Friday, quickly winning over audiences after its first week in American theaters.
The film grossed 7.2 million U.S. dollars during its opening weekend in the U.S., reflecting the appetite for the film among American moviegoers.
As a sequel to the 2019 animated hit "Ne Zha", the latest installment continues the tale of a rebellious boy-god based on Chinese mythology, and the story has proven popular among many who headed out to catch the film in U.S. cinemas.
"I love the story behind Ne Zha, and I've been reading this cartoon about Ne Zha since I was a little kid, and now I really wanted to see the movie, especially given its unprecedented success at the box office," said Li Tian, a film fan in Los Angeles.
Audiences have been captivated not only by the film's stunning visuals but also by its rich storytelling and deep cultural resonance, while fans who have seen both "Ne Zha" films highlighted the significant advancements they have observed in China's animation industry.
"It took five years for the production cycle to make this second movie, and the special effects are much better than the first one. Also the characters, the animation quality and special effects are all much better than before. And I hope to see more and more Chinese movies in the global film industry," said Tian Lei, a U.S. film enthusiast.
Since its release on the Chinese mainland on the Chinese New Year on Jan. 29, the film has shattered multiple records, and on Tuesday it became the highest-grossing animation movie of all time after surpassing the U.S. animated hit "Inside Out 2."
As well as being the highest-grossing Chinese film of all time, the movie is also the highest-grossing non-Hollywood production ever, and it became the first film to rake in over a billion U.S. dollars in a single market.
Since its initial release in 24 major U.S. cities on Feb. 14, screenings of the film have since expanded to over 400 cities and 770 theaters across the country.
Experts say the big budget production of "Ne Zha 2" represents a significant leap forward for China's film industry, particularly in its impressive special effects.
"It's a big step forward in terms of special effects. It's a big step forward for the budget, even. [It's] certainly the most expensive animated film that China has produced. And some of the others have been quite heavily budgeted. So this is unusual," said Stanley Rosen, a professor of political science and international relations at the University of Southern California.
Chinese animated sensation "Ne Zha 2" gets thumbs up from US audiences
The fast expansion in China's total social financing, a broad measure of credit and liquidity in the economy, indicates that the country's financing activity is gathering steam and the government's pro-growth policies are gaining traction in bolstering the real economy, said two Chinese experts.
According to data released on Wednesday by the People's Bank of China (PBOC), the country's central bank, China's outstanding aggregate social financing totaled 424 trillion yuan (about 58.8 trillion U.S. dollars) at the end of April, increasing by 8.7 percent from the same period last year and quickening from the 8.4-percent rise in March. In the first four months, the newly added amount of financing to the real economy stood at 16.34 trillion yuan, up by 3.61 trillion yuan from the corresponding period of 2024.
Analysts said that accelerated government bond issuance aimed at boosting the economy drove the growth of total social financing.
"The issuance of government bonds has significantly accelerated this year. Among them, the issuance of ultra-long special treasury bonds and special treasury bonds for capital injection [into central financial institutions] launched in April, coupled with the continued rollout of special refinancing bond issuance for local governments, led to about 970 billion yuan in net financing, driving a growth rate of nearly 0.3 percentage points in total social financing," said Dong Ximiao, chief researcher at the Merchants Union Consumer Finance.
"This year's issuance of ultra-long special treasury bonds was launched one month earlier than last year, and together with credit loans, it has been the main driving force for the growth of social financing. Corporate bond financing has been growing steadily and equity financing has been steadily advancing, indicating an increasing role of the capital market in bolstering the real economy," said Lu Zhe, chief economist at the Soochow Securities.
According to this year's government work report, a total of 1.3 trillion yuan of ultra-long special treasury bonds will be issued, 300 billion yuan more than in 2024, while 500 billion yuan of special treasury bonds will be issued to support large state-owned commercial banks in replenishing capital.
Late last month, China issued this year's first batches of ultra-long special treasury bonds and special treasury bonds.
Part of the funds have been swiftly channeled into boosting consumer demand, a key focus in the country's efforts to spur economic growth.
"The Ministry of Finance has recently launched the issuance of 1.3 trillion yuan of ultra-long special treasury bonds to promote large-scale equipment upgrades and consumer goods trade-ins and to help implement major national strategies and enhance security capacity in key areas. We expect a fast rollout of special treasury bond issuance in the coming months to drive domestic demand, boost public confidence, and provide strong support for social financing," Dong said.
Fast growth in aggregate social financing indicates gov't efforts to spur economy paying off
