Chairman of China’s Wanda Group Wang Jianlin unveiled a subsidy program to attract film productions to his new multi-billion-dollar studio in Qingdao.

The incentive will be paid from a five-year, U.S.$750 million fund established by Wanda and the local government of Qingdao. Qualified producers who film at this studio will obtain a 40 percent rebate of certain costs. Speaking at the Los Angeles County Museum of Art, Wang said it is an opportunity for Hollywood, not a competition.

Wang also urged U.S. filmmakers to feature Chinese elements to succeed in China. Wang predicted that China’s box office will become the biggest in the world by 2018 and will continue to grow by about 15 percent annually for the next 10 years.