CHINA TOPIX

04/25/2024 12:06:25 pm

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Wanda Boss is Worried About the Growth of Protectionalism in the US

Wang Jianlin

(Photo : Getty Images) Wang warned about the possible loss of thousands of jobs in the United States due to the growing protectionism in the country.

China's Wanda group chairman Wang Jialin has voiced his concerns over the growth of protectionism policies in the United States.

Speaking after giving a lengthy speech about the internationalization of Chinese culture and the problems it faces in a world dominated by western influences. Wang warned about the possible loss of thousands of jobs in the United States.

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"I have invested over 10 billion dollars in the United States, employing over 20,000 people. If something goes wrong, these people might be out of jobs," he warned.

During his election campaign, U.S. President-elect Donald Trump complained about Beijing, accusing China of taking American jobs.

Trump also accused the Chinese government of currency manipulation, in an apparent effort to make its goods and services cheaper in foreign countries.

Wanda recently acquired AMC and Legendary Entertainment. It also plans to acquire Dick Clark Productions and Carmike via AMC.

These developments have caused a furor in the United States in the past week, with Democrat Senator Chuck Schumer joining Congress to call for a probe into Chinese acquisitions in Hollywood.

Schumer expressed worry that takeovers by private Chinese companies such as Wanda are being orchestrated by China's Communist government.

Wang is, however, not concerned by the criticism, saying that the accusations are proof that Wanda has become more influential in the United States.

Despite his efforts, Wang said that he cannot guarantee that Chinese culture will be more widely viewed or understood.

"Can movies from China rely on the distribution channels of these six companies to become more international? No," he said.

Wang's speech comes only a few days before the China release of "The Great Wall," a $150 million dollar project that is the biggest China-US co-production in history.

It was produced by Legendary, a company that was acquired by Wanda earlier this year.

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