Zhang Guoli and Xiaogang.[Photo By Jiang Dong/China Daily]

The ongoing 5th Beijing International Film Festival has generated over 13.8 billion yuan (about $2.2 billion) in contracts.

The figure is a 32 percent increase year on year, and is more than any other film festival in Asia, according to the organizing committee.

On April 20, a ceremony was held for 36 major projects, including creation, production, release and marketing, the committee said.

The projects included an animated film, "Beast of Burden", which will be co-produced by China Film Animation Ltd. and New Zealand-based Huhu Studios. It is an adventure story about how thoriphants, animals living an arduous life under oppressive masters, find love and learn to walk upright.

Chairman Trevor Yaxley of Huhu Studios said both production teams believe this story could bring joy and tears to the global audience.

In the first four annual festivals, 80 projects were signed with a total transactions of more than 27 billion yuan.

The festival will run until April 23.