China-US film summit opens

Last weekend saw the start of the 8th annual Chinese-American Film Festival. The first few days were all about celebration, but now, it's down to business, with a special summit exploring recent ventures and partnerships. China is the world's fastest growing movie market - a promised land for Hollywood studios. But the marriage between the U.S. and Chinese film industries has had it's share of problems,

If industry predictions are right - China's poised to be the world's largest movie market by 2020. A probability neither lost on Hollywood film industry nor this U.S-China Film Summit panel.

Wang Lifeng, partner of Jinyu Investment Management, said,"If indeed by 2020 that china is the largest box office in the world and it's obvious the bankers will be busy."

Zhang Zhao, CEO of Levision Pictures, said,"I would like to spend more time working with U.S. Filmmakers"

No doubt a lot has happened between the Hollywood and China entertainment industries in 2012?

Big acquisitions: like the Wanda-Dalian group's $2.6 billion purchase of AMC, America's 2nd largest movie chain .

Liu Yuan, China Mainstream Media NFC, said,"We're looking for partners to co-invest in large box office films

A multitude of Joint Ventures: including Dreamworks partnership deals to build a $350 million movie studio in Shanghai? and Avatar Director James Cameron's company venture with a state-owned Chinese Film Group to provide 3D technology in China.

And there were Major Co-Productions announced in 20-12. DreamWorks Animation & 3 Chinese Companies will co-produce Kung Fu Panda 3 in china.

Disney Studio's announced it would Co-produce Iron Man 3 with chinese partner DMG Entertainment

Zhang Zhao said,"We still have some policy problems. What qualifies for co-production, we had the same problem with Expendables 2.

Indeed the biggest co-production deals also caused some of the biggest problems between Chinese and American companies - as they butted-heads over what defines a co-production.

Bennett Pozill, Exec.VP of East-West Bank, said,"There's been some talk in china about what should a co-production be. There's been some folks on the studio side that may not have a lot of respect for the other side. I look at in reverse, if you want access to the 2nd largest box office in the world, who's growing at a rate of 40% and has unlimited growth you now, work with them. Why should they have to work with you. It's a 2-way street. "

The hope here is that the future will bring win-win situations for China and American film.