In asking American politicians to resist attempts to place limits on Chinese entertainment investments in the U.S., China’s richest man Wang Jianlin pointed out that the increasing trade ties between Chinese and Hollywood companies benefit both the U.S. and China.
No Interference with Content
Wang Jianlin, the chairman of Chinese entertainment conglomerate Dalian Wanda Group, stressed that Chinese investors do not want to interfere with the content of movies that Hollywood studios where they invested funds produce. They only seek the profit, he stressed, Wall Street Journal reported. He said at a Q&A session at the World Economic Forum in Davos, Switzerland, that proof of their not interfering with content is that theaters he purchased in the U.S. continue to show American films.
The Dalian Wanda Group acquired AMC Entertainment Holdings, a theater chain in the U.S., Legendary Entertainment, a film producer, and Dick Clark Productions which stages the Golden Globes and other awards shows. As a result of these high-profile buy-ins, Senate Minority Leader Chuck Schumer and other members of Congress sought more congressional investigation into Wanda’s takeover of American entertainment companies on suspicion that China wants to boost its control of entertainment in the U.S.
Uneven Playing Field
Schumer said that the appointment of Peter Navarro, who is behind the documentary “Death by China,” by new U.S. President Donald Trump as head of the New National Trade Council would strengthen congressmen who are against the investment strategy of Chinese companies which they believe operate in a playing field that is not level, Asia Nikkei reported. Wang Jianlin’s closeness to China’s government is feared as being used by Beijing to have greater control over Hollywood films beyond terms of distribution but to include content, which the billionaire has denied.
He pointed out that it would not benefit the U.S. and China for Congress to apply protectionism and Hollywood benefits from accessing Chinese moviegoers by relying on China exhibition to boost box-office results. Wang Jianlin warned, “If China were to retaliate it’s be bad for both parties. I do not wish to see that scenario materializing.”