China’s Wanda Unveils $8.2 Billion Movie Fund As Hollywood A-listers Lend Support

Wang, who spent 17 years in the People’s Liberation Army and is a key adviser to the ruling Communist Party, said the Academy had signed an agreement supporting an annual Qingdao International Film Festival every September starting from 2016. He said it would be one of the worlds top international film festivals within three to five years, pending government approval. PHOTOS:Exclusive Portraits of Jason Bateman, Nicole Kidman, and Other Stars at the Toronto Film Festival Depending on the success of the festival, he would discuss expanding the relationship with the Academy. Last week, Wanda donated $20 million towards the organization’s film museum in Los Angeles. The Communist Party has identified culture as a “pillar industry” and Wang expects annual revenues of 80 billion yuan ($13.1 billion) from Wanda’s cultural business. “China’s economy is growing fast but it’s still only half the U.S. economy, but in less than 10 years it will catch up. The Chinese movie industry cannot compete with Hollywood and there is a big gap, but that also means the potential is great. The Chinese culture industry is only two percent of our economy but in America it’s 20 percent of the economy,” he said. Wang is China’s richest individual and last year he bought the AMC theater chain for $2.6 billion. The acquisition of AMC Entertainment is just the beginning of its global ambitions, he said. “My target is for Wanda to be one of the world’s biggest companies in the culture industry; this is why I haven’t retired yet,” said the 59-year-old. Also in attendance were a host of Chinese stars such as Zhang Ziyi, Jet Li, Tony Leung, Donnie Yen, Huang Xiaoming and Vicki Zhao. STORY:Cinema, Property Tycoon Wang Jianlin Named China’s Richest Person Others braving the stark Qingdao sun were representatives from China’s State Administration of Press, Publication, Radio, Film and Television (SAPPRFT), the Academy of Motion Picture Arts and Sciences, Qingdao city government officials and representatives from U.S. studios including Sony Pictures, Warner, Universal, Paramount, Lions Gate and The Weinstein Company.

‘Racist’ Hollywood Stereotypes Mexicans, Ambassador Eduardo Medina Mora Says

The vast majority of drugs trafficked in Mexico are destined for consumers in the United States. Marijuana, a soft drug legalized in two U.S. states, accounts for 99.5 percent of the drugs seized at the U.S.-Mexico border by weight. The Mexican press covered the story last week , but the ambassadors comments only began seeping into U.S. press reports on Tuesday. Loading Slideshow Because Most Americans Are Unenthusiastic About It Only 7 percent of Americans think the United States is winning the war on drugs, and few Americans are interested in throwing down more money to try to win, according to a Rasmussen Reports poll released in 2012. Because the U.S. Won’t Control The Flow Of Guns Into Latin America Mexican authorities seized almost 70,000 weapons of U.S. origin from 2007 to 2011. In 2004, the U.S. Congress declined to renew a 10-year ban on the sale of assault weapons. They quickly became the guns of choice for Mexican drug cartels. Some 60,000 people have died in Mexico since President Felipe Calderon launched a military assault on the cartels in 2006.