Besides catering to fans, the festival has also acted as an industry platform to exchange ideas and examine trends.

With participants from 86 countries and regions, this year's event attracted nearly 5,800 industry insiders from 2,645 companies and organizations, who signed 1,368 deals and cooperation agreements worth up to 14 billion yuan.

A report released during the festival says Chinese cinemas screened 34 domestic animated features that grossed 1.62 billion yuan in total in 2018, a rise of 13.3 percent on the output and a 24.5 percent increase in revenue, respectively, compared to 2017.

For many international filmmakers, China's expanding cartoon and animation industry has gripped their attention.

"I think Chinese animation production is already headed in a great direction," says Joe D'Ambrosia, senior vice-president of original programming and general manager of Disney Junior.

As one of the guest speakers of the festival's master classes, D'Ambrosia joined Disney in 2011 and has played a crucial role in steering the company to the top of preschool TV networks in the United States consecutively from 2013 to 2018.