Wanda is also planning to host an annual Qingdao International Film Festival, starting in 2016.Deals have been signed for the festival with the Academy of Motion Picture Arts and Sciences in the United States, the China Film Association, and world's top four talent agencies - CAA,WME, UTA and ICM. The festival is in the process of being approved by government departments.

The planned event will be the first time in 86 years that the academy has supported a film festival outside the United States. In the past decade, both Cannes and Tokyo have repeatedly asked the academy to support their film festivals, but without success.

"China's movie box office revenue will surpass North America's by the year 2018 and will double it by 2023, because the 1.3 billion Chinese people are becoming more affluent, while there are an additional 4,000 cinema screens each year," said Wang.

Hawk Koch, former president of the Academy of Motion Picture Arts and Sciences, said the academy is increasingly eager to take part in international partnerships.

"The collaboration between us and Wanda is the right thing happening at the right time and in the right place," he said.

In a forum after the project's launch ceremony, Hollywood producer and power player Harvey Weinstein said the Qingdao project provided a good platform for global filmmakers to promote the art of moviemaking.

"Of course, we want to make movies about other cultures and based in other lands, but we don't have the knowledge. With the Qingdao project, it's possible to partner with someone with that knowledge," said Weinstein.

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