The Shanghai International Film Festival (SIFF) is launching a film market at this year's edition which is scheduled to run June 16-24.

In addition to creating an environment for the buying and selling of film rights, the 'Film Mart' aims to stimulate the development of co-productions between China and other territories. China has recently been growing in popularity as a co-production partner as full co-productions bypass the country's quota system.

Last year, SIFF held its first China-Europe Co-production Forum which resulted in 11 co-production deals being signed.

'With the healthy development of China 's economy, its film industry is focusing more on serving the needs of the market,' said executive vice president of SIFF's organising committee Yan Kang. 'SIFF, China 's only international film festival, is at the forefront of these initiatives and we look forward to substantial growth in the collaboration between China and the rest of the world in the coming years.'

SIFF has held a market for several years but it has been mostly dominated by television product.

The festival, which is celebrating its 10th anniversary this year, also plans to increase audience participation by establishing Audience Awards for Chinese and international films. It will also create a new section of films to be screened outdoors in Shanghai 's city squares.

In addition, SIFF's Asian New Talent Award, which was established three years ago, will have a Grand Prize of $40,000 at this year's edition. The incentive is designed to encourage more young Asian talent to be recognised in the international film community, including young directors living in the US, while keeping their Asian identity.