TAIWANESE-born filmmaker Ang Lee predicted Friday that the Chinese film market was about to explode, not only overtaking but dwarfing the American box office in a matter of years.
The two-time Oscar winner said executives in the world's second economy used to rely on him as a bridge to Hollywood, but the newly-confident Chinese film industry no longer finds it necessary.
"It's huge, it's going to be bigger in a few years," the 62-year-old told reporters on the red carpet at the glitzy BAFTA Britannia Awards in Beverly Hills.
"In a few years it's probably going to be bigger (than the US) and then in the years to come a lot bigger. They've got many people and, most importantly, film has been lacking in the past in the culture, so it's still fresh."
PricewaterhouseCoopers projects China's box office will rise from US$4.3 billion in 2014 to US$8.9 billion in 2019, outstripping the US.
Hollywood studios have been looking to capitalize on the burgeoning market through partnerships with Chinese companies.
Meanwhile, Beijing has ambitions to increase China's "soft power," unleashing a wave of Chinese money into Hollywood.
Real estate developer turned media conglomerate Wanda bought "Jurassic World" creator Legendary Entertainment for US$3.5 billion earlier this year.
Last month Wanda -- which snapped up US movie theatre chain AMC in 2012 for US$2.6 billion -- announced it would invest in movies produced by Sony Pictures, its first deal with one of Hollywood's so-called "Big Six" studios.
Lee was the first Asian ever to win an Oscar for directing, in 2006 for gay cowboy movie "Brokeback Mountain." He went on to win again for 2012's "Life of Pi."
He was at the BAFTA LA ceremony -- which celebrates the contribution of Hollywood talent and British entertainers -- to receive the John Schlesinger Britannia Award for excellence in directing.
His war drama "Billy Lynn's Long Halftime Walk," starring Joe Alwyn, Kristen Stewart, Vin Diesel and Steve Martin, is released in the US on Nov 11.
'Dangerous moment'
Americans Jodie Foster, 53, and Samuel L. Jackson, 67, were also honored at the gala in the luxury Beverly Hilton hotel while Tom Hanks, Jake Gyllenhaal, Brie Larson and Christopher Guest presented awards.
Among the Britons being recognized were Ewan McGregor, who starred in the "Star Wars" prequel trilogy, and Felicity Jones, the lead in the upcoming spin-off, "Rogue One: A Star Wars Story."
Three-time Golden Globe winner Ricky Gervais, 55, received the Charlie Chaplin Britannia Award for excellence in comedy.
American actor Simon Helberg appeared to reference Britain's anti-EU "Brexit" vote and the US presidential election when he told AFP comedy in the two countries was becoming similar -- as was politics.
"I think the Brits seem to manage to be very intellectual and cerebral at times while masquerading as being very silly," said the 35-year-old, best known for US hit comedy "The Big Bang Theory."
"So there's this depth to it, but it can also work on a silly level. Sometimes I think Americans can lean very heavily into the silly, so you get a little less of the wit on occasion.
"But you know what? It's all evening out. Our countries are both in a dangerous moment right now, so we'll see. The comedy and the political environment are all mirroring each other."
Americans decide in their presidential polls on Nov 8 between Democrat Hillary Clinton, who has weathered controversy over her misuse of a private email server while Secretary of State, and Republican Donald Trump, whose rhetoric on women, Muslims and immigration has polarized the electorate.
AFP RELAXNEWS
Sat Oct 29 2016
The two-time Oscar winner said executives in the world's second economy used to rely on him as a bridge to Hollywood, but the newly-confident Chinese film industry no longer finds it necessary. - AFP
Iran's supreme leader says Hamas leader's death will not halt 'Axis of Resistance'
The "Axis of Resistance", built up with years of Iranian support, includes Hamas, the Lebanese Hezbollah group, the Houthi movement in Yemen, and various Shi'ite groups in Iraq and Syria.
Putin says Russia willing to seek compromises between Iran and Israel
Russia is ready to help seek compromises between arch-foes Israel and Iran, President Vladimir Putin said on Friday, saying these would be difficult but possible.
What proposals will Russia push at the BRICS summit?
The proposal is also to establish a BRICS reinsurance company to allow uninterrupted shipment of goods and key commodities between members.
Indonesia's free meals plan in the spotlight as Prabowo readies for office
Prabowo calls the programme one of the main drivers of economic growth, eventually set to add an estimated 2.5 million jobs.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.