Beijing, Aug. 9 (Xinhua-ANI): Renowned director James Cameron announced Wednesday that his company will co-produce a 3D film highlighting the history of Beijing with Chinese filmmakers.

The announcement came two days after DreamWorks Animation unveiled plans to co-produce the third installment of the Kung Fu Panda franchise, which has grossed 150 million U.S. dollars in China.

The film will depict the 800-year history of the Chinese capital, according to a memorandum signed by the Cameron Pace Group (CPG) China. the China Film Group Corporation and another four film companies and administrative organizations.

CPG China, a Sino-U.S. joint venture formed in north China's Tianjin Municipality on Tuesday, intends to promote 3D technology in China as the Cameron Pace Group's first overseas branch.

Cameron said he has been drawn to the rapidly growing China film market, where his films Avatar and Titanic have both broken national box office records.

Cameron also visited Foreign Languages Press, a Chinese publisher that issued a 3D Titanic picture album, on Wednesday.

Cameron and the group agreed to expand cooperation regarding transfers of 3D technology into publications, as well as co-develop more film-affiliated 3D products.

On the same day, DreamWorks announced a plan to build an entertainment center in Shanghai titled Oriental DreamWorks with three local state-owned groups.

China's box office sales totaled 1.28 billion U.S. dollars in the first half of 2012, up 41.7 percent year on year, with imported movies taking in three-fifths of box office revenues.

China increased its annual quota for imported U.S. blockbusters earlier this year to 34. However, co-produced films with local filmmakers are not included in the quota. (Xinhua-ANI)