China Sets Up New Hollywood Film Fund
The relationship between Hollywood and China has always proved a difficult one, but the Chinese government is making serious moves to ease the passing of content between the two with a new funding initiative. As reported by Variety, the government has established the country’s first state-backed film fund with the purpose of providing a gateway between the two countries.
The China Mainstream Media National Film Capital Hollywood Inc will be led by Yang Buting, former chairman of China Film Group, and will be based in both Beijing and Beverly Hills. Partnering with LA-based financier Endgame Entertainment, its remit will be to co-finance and co-produce projects that have big mainstream potential across the globe, including China.
“‘With a Western movie-making approach and a management supported by financing from China, the company will become a gateway partner to Hollywood,” Yang said.
With China’s box office grosses topping $2 billion for the first time in 2011, the country’s rapidly growing market is seen as the next big frontier for global film funds and projects.