According to Reuters, the government-operated China Movie Channel will soon launch an online video service similar to Netflix in the mainland sometime this year. The move will reportedly bring huge streams of revenue to Hollywood since the yet-to-be-named service will stream films and TV shows from the motion-picture industry for the majority of subscribers in China. Investors allegedly told Reuters that China’s new video service has already signed a content agreement with Viacom’s Paramount Pictures.

Longei Liang, a managing director of the Chinese company’s M1905 movie-streaming website, commented that Paramount Pictures will be providing movies and TV shows from its library including the popular film”Mission Impossible” to the new Chinese video service. Liang added that negotiations with other studios including Metro-Goldwyn-Mayer is currently being done.

China Movie Channel will be working on the new service together with Jiaflix Enterprises – a startup film company that aims to develop ventures by bridging both Chinese and U.S. film industries. “This new venture will bring the best that Hollywood has to offer to viewers in China. It represents a great opportunity for Hollywood to increase its exports to China and enhance cultural cooperation between our two nations,” Jiaflix managing director Sid Ganis said.

Filed in Videos (web). Read more about China and Netflix.

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