NEW YORK - IMAX is considering lowering the price and opening over 100 new IMAX theaters in China, the company's CEO Richard Gelfond told Xinhua.

"IMAX is thinking of lowering the price in order to attract more people coming into theaters," Gelfond said, "We have identified 350 locations that are suitable for opening IMAX theaters in China."

He said that IMAX corporation would open over 100 IMAX theaters in China in the coming years.

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"China is now the second largest market for IMAX around the world after the United States," he said, "I've been to China for five times in the last six months. I haven't got Los Angels as that much."

According to IMAX's market research, China is now the fastest growing market in the world with a very strong profit outlook.

"If you look at the development of a society, the basic need is food and clothing. As household income is expanding, entertainment will become more important. In China, movies will continue getting more and more popular in people's daily life," Gelfond said.

He also said that IMAX will help establish temperate IMAX theaters in some medium- and small-sized cities in China, in order to get more involved in the country's entertainment development.

Founded in 1968, IMAX Corporation is a Canadian theater company that designs and manufactures IMAX cameras and projection systems as well as film development, production, post production and distribution to IMAX affiliated theater worldwide.