Hollywood’s relationship with China faces uncertainty
Capital restrictions and Socialism mar U.S.-China film deals
The Epoch Times is reporting that after fantasy epic “The Great Wall,” lost over $75 million after a poor showing at the U.S. box office, Hollywood’s relationship with China is facing uncertainty, The film was produced by the the biggest U.S.–China film co-production in history (co-produced by studios including Universal Pictures and China Film Group).
Last month, China’s largest commercial property company and the world’s largest cinema chain operator, Dalian Wanda Group’s investment of $1 billion deal for Dick Clark Productions fell through, as did Huahua Media and Shanghai Film Group’s planned $1 billion investment in Paramount Pictures. Both deals were stymied due to China’s tightened restrictions on capital outflows from the country.
China’s Film Industry Promotion Law went into effect this year on March 1, banning all film content in both domestic films and U.S.–China co-productions that harms the “dignity, honor, and interests” of China. Moreover, the law requires film casts and crews to promote socialist core values.
“Hollywood has made a mistake in courting China, a country and regime whose interests are diametrically opposed to its own,” said Hollywood Reporter executive editor Stephen Galloway, in a recent commentary on the issue.
