Filmmakers eye further opportunities in China

Figures show that in the first five months of this year, box-office receipts for home-grown movies have already exceeded those of imported movies, and several Chinese films have attracted sales in excess of 1 billion yuan.

Against that backdrop, "we shouldn't be afraid of Hollywood movies in the future, even if the authorities lift the current restriction for imported movies", said Wang.

To tap into this growing market, Wanda is currently negotiating cooperation opportunities with "some of the top five filmmakers in the US", he said.

Wanda did have talks with DreamWorks on a China joint venture, but DreamWorks finally partnered with a company in Shanghai.

"But future cooperation between us is still possible, and we have already reached cooperative intention with DreamWorks," Wang said.

AMC reported $60 million profits in 2012, and Wang said the figure would rise significantly this year.

Katzenberg and Wang agreed that any successful expansion into a new market depends on respect for local conditions and trust in local employees.

"Investment in any company requires attaching great importance to its employees, and any company with an all-foreign management team will definitely fail," added Wang.

Similarly, products without consideration of local customer needs will not last long.