A poster of the fantasy movie Monster Hunt, the highest domestic grossing film of all time at the Chinese box office. [Photo/Agencies]

The State Administration of Press, Publication, Radio, Film and Television has announced that the Chinese box office is on track to exceed 40 billion yuan ($6.25 billion) this year.

If this estimate is reached then China could overtake the North American box office within the next three years.

It was reported on Tuesday that the Chinese box office surpassed the 30 billion yuan mark last week. Chinese movies have raked in 18 billion yuan which amounts to 60 percent of the total.

Fantasy film Monster Hunt has grossed over 2.4 billion yuan and is expected to break the record set by Fast and Furious 7 to become the highest grossing film of all time at the Chinese box office.