“It is like an awful car crash. You know you shouldn’t look. But at the same time you can’t turn away,” said one senior China film executive of the financial woes that have wrecked the summer of Wanda, Fosun, LeEco, and other previously high-flying Chinese conglomerates. Yet, for those who continue to look on at the aftermath of the summer smash-up, two trends emerge.
First, that political risk should be moved far higher up the agenda in any Sino-international dealing. Second, that China is now a major player that has enough momentum and scale to affect global industry. However alien its rules and methods are to Wall Street and Burbank, or how tricky its is to read the political tea leaves, China counts for too much to be ignored — as a current smash of the other kind demonstrates.
Global box office in the first three weeks of August was dominated by “Wolf Warriors II,” a »
- Patrick Frater
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