China woos Hollywood studios with film fund - WAOW - Newsline 9, Wausau News, Weather, Sports

China woos Hollywood studios with film fund

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LOS ANGELES (AP) -- China continued its courtship of Hollywood on Wednesday, with its government officials touting a new fund that aims to co-finance movies.

The push comes just weeks after China's leader-in-waiting, Vice President Xi Jinping, unveiled rules that would give foreign films better access to its booming box office and a larger percentage of ticket receipts.

Yang Buting, former chairman of one China's two national movie distributors, China Film Group, told attendees at a film finance conference in Los Angeles that China wants to help make movies that appeal to both Chinese and global audiences.

Studios are trying to break further into China, where box office receipts grew by more than a third last year to $2 billion. Meanwhile, North American theater revenue has fallen for the last two years.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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