Earlier this year, it was reported that Beijing-based Huahua Media had agreed to invest US$1 billion in Paramount Pictures. After months of discussion, Paramount announced that the financing agreement, which would have covered 25% of its film slate, has been cancelled due to the Chinese government’s clampdown on foreign investment. This year has seen a dramatic decrease in Chinese money being invested in the US film industry. In 2016, Chinese investment in the US entertainment industry totaled US$4.8 billion. This year, as of 30 September, investments have fallen to US$489 million.