should think. -- i should think. jim: a moment ago, matsuyama trying to finish with a par. tied for sixth after finishing fifth here last year. and then bernhard langer. held up for the first three days. it was an amazing performance

today, 79. [captioning funded by cbs sports division] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] jim: we'll bring home the last two players of the masters champion -- but the masters champion has been determined. danny will fret sheffield, england. mary buys a little lamb. one of millions of orders on this company's servers. accessible by thousands of suppliers and employees globally. but with cyber threats on the rise, mary's data could be under attack. with the help of the at&t network, a network that senses and mitigates cyber threats, their critical data is safer than ever. giving them the agility to be open & secure. because no one knows & like at&t.

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jim: downright shocking the second nine today at the masters. give danny willett his due, he shot 67. you see the actual time when these shots occurred. this was at 5:27. he's making his move right here. it was about the time spieth had just come off bogeys at 10 and 11. fired that in close at 14. it was 5:27. shortly after that, 11 minutes later is when the tournament took a sudden, abrupt turn. this is when disbelief set in, for everyone.

that led to a seven. in 50 minutes real time, it went from a five-shot spieth lead to willett in front. now, move ahead to just before 6:00, willett took aim at 16. then the birdie putt. then after spieth recovered with birdies on the par 5's, 13 and 15, had a great chance at 16 but sped by. so danny has been taking all this in. now it's just a matter of

and danny willett can head to butler cabin. jordan spieth is going to be, of course, in the role. it's going to be hard for him presenting the green jacket at the defending champion. how do you think this will affect him, nick? nick: i was just thinking that, jim. i was trying to assess that. you go from one of the most incredible performances the last two years and then it suddenly goes to absolute disaster.

i would assume. this is actually quite brutal how everything was going all to

quite a disastrous event. jim: we were monitoring just where his game was. his swing obviously was not there friday or saturday. his swing coach came back, worked with him this morning before the round. there were lewis shots. even when things were going -- lose shots. that brilliant four-birdie run. you saw some signs before even the tee shot at 12. 10 and 11 and again he was

nick: yeah, because he has this amazing ability when he hits a poor shot to end up in kind of the right place. i was talking to frank nobilo this morning and suddenly you realize you play the whole golf course with no water and then you play 11 with water, 12 with water and obviously 15 and 16 different hazard. there's no way of getting out of jail if you hit it in the water. jim: smylie kaufman with a putt for birdie. get in there. we'll doubt lessee this young man many more times. just a tour rookie. had the round of the day

put up some spectacular showings during the course of this tournament. and first time ever playing in a final pairing. not only in a major but in a pga tour event. all that's left to decide here is this putt that would give jordan solo second. he shares it at the moment with westwood. nick: yeah, there's no way your mind is -- your mind is scrambled right now. you'll be in a little mental

this will take some time to repair but at 22 and a lifetime of masters, obviously being a champion, he can come back and he's way too talented. jim: listen, you won this three times. can you imagine the weight of not only leading, not even co-leading, for seven consecutive tournament rounds at augusta, to carry that with you every day? nick: jim, i led the masters for seven holes. jim: and won it three times. seven holes total, right? nick: maybe a couple more but certainly 1996 was the only time i got to the lead and i think there was a brief period in 1989 for a couple of holes. jim: to tie for second. masters career now a second, first, and a second. but this one stings.

third major in the last five majors contested. michael greller, his pal, his caddie, is a great one. trying to console him. nick: he went from nearly one of the most amazing victory walks to a torturous experience.

a brutal game at times. jordan: just not in the face right now, if you guys don't mind, please. just not in the face. jim: the masters is complete and here are the final standings. danny willett. he's the champion. the 12th ranked player in the world who recently finished third in the world golf championship event at doral. was sixth last summer at st. andrews in the open championship but still a virtual unknown here in the united states. bryson dechambeau tied for 21st. contended right up till the last

was right in the thick of it at the top. great showing here. he'll be recognized shortly down at butler cabin. nick: jim, we had three englishman. paul cause -- casey, 67, and matt fitzpatrick, 67. i must inform her majesty immediately. jim: ian poulter under par today. davis love with a hole in one. one of three aces at the 16. nick, let's go through danny willett's round. this is at 13.

the 13th green and i'm trying to think where was the key moment? this was hugely important at 14. it's doable but you have to field the golf ball in correctly, use the slopes. he made a great birdie here yesterday as well, very similar. still no putt is easy. and this one, i mean, the 16th hole. many to have champions birdie the 16th hole. you can tell by the flared nostrils how intense he was at that moment. fabulous shot in the right place below the hole, which gave him a serious opportunity. great putt. just watch his hands. beautiful and calm.

amazing chip shot from back left to the flag over the ridge. that will be the greatest chip shot he's ever hit in his life. jim: he's gone from 102nd in the world just 18 months ago to 12th and that's going to rise tomorrow as well, no doubt, into the top 10. didn't get here until late monday night. bogey-free, nick, on the final day. nick: yeah, that's very impressive as well. the weather conditions were ideal compared to the first three days but it's how he built the momentum. he made a two down the sixth hole, which is one of the toughest par 3's. that shot to the upper shelf is one of the toughest shots you're going to face on any golf course.

bigger comebacks, believe it or not in masters history on sunday. jackie bourque, back in 1956. gary player in 197 and nick in 1996. one more, art wall, 195 . fifth biggest comeback. let's hear from jordan spieth. bill: thank you, jordan. we can only imagine how disappointed you are right now. strong opening nine then you made the turn and the wheels seemed to come off. jordan: yeah, it's just -- it's tough. it's really tough. bill: talk a little bit about the 12th and sort of what you were going through mentally when you were trying to play that hole. jordan: that ball flight is one that's come up quite a bit for me on par 3's this week. i'm not getting around my body enough. put a bad swing on it right at the wrong time. probably should have gone to the

touch for me to commit over by the 13th hole. so yeah, just compounded mistakes but just a lack of discipline to hit it over the bunker coming off of two bogus instead of recognizing that i'm still leading the masters by a couple of shots. bill: you had a chance if you could have put a couple of birdies together on the second nine. jordan: four birdies in a row on the front nine. i knew that two shots ahead was good. it's hard. you just play a little bit conservative and i put weak swings on it three holes in a row and all of a sudden i'm not leading anymore. bill: are you pleased that you did as well as you did or disappointed you weren't able to get it across the finish line? jordan: i'm pretty sure bill pretty disappointed in that one.

that we're a closing team. we can close. i have no doubt about that ability. i just think it was really a very tough 30 minutes for me that hopefully i never experience again. bill: jordan, thank you very much. jordan spieth. jim? jim: thank you, bill. jordan can did, honest. he hurt. you could just hear it all in his voice. nick: you have to give him real credit to step up and talk like that. that is quite amazing to let us into his heart there because that is shattering. as he said on the 12th, you have to be so disciplined. you cannot go for that flag. jim: it's just after midnight in england. the dawning of a new day and the dawning of a new champion on the world stage of golf. danny willett has won the masters and he's headed to butler cabin. that's also true of a good car company.

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right line. jim: shane the first to find the cup and then davis love iii. the u.s. ryder cup captain coming back to augusta with a special memory here. but then the strangest of all. lue is oosthuizen. nick: watch this j.b. holmes had just hit a very nice shot in there. there's his ball. so what is going to happen next? jim: doesn't look like there's enough room here, huh? nick: how can you get a kiss

into the pocket? jim: oh, my friend bill raftery would be definitely saying "with a kiss." and don't forget that louis oosthuizen has a double eagle here back in 2012 at the second hole. just the second englishman to ever win the masters. nick being the only other one -- three times, that is. eighth player to win in his second start or fewer and the fourth european player to win his first major at the masters. what does this set up for him, nick? what do you see as the future for him? do we have a brand-new big star to battle all the young guns? he's 28. nick: he has that very consistent game. he play that is nice little bump fade, as he calls it.

good putter. sure, this is now lights up as well. i know when we get into the champions dinner, it will be roast beef and yorkshire pudding and gravy. thank you. jim: let's look at the top 12 and ties, all of whom have received exemptions into next year's masters tournament. and the list stretches out to a total of 15. kjeldsen on that list. we're all lined up now. the international feeds are about to join in and we are going to send it to butler cabin. billy: good evening, i'm billy payne, chairman of augusta national golf club and i'm excited once again to be here in our famous butler cabin along with my good friend, jim nantz. congratulations, jim. another wonderful job. jim: thank you.

repeat the long-standing tradition of the award of the masters champion green jacket but before we do, i would like to thank our television viewers all across america in over 200 countries around the world for your long-term and loyal support of the masters. i welcome three very special gentlemen. in year's low amateur, bryson dechambeau. congratulations. bryson: thank you very much. appreciate it. billy: last year's champion, mr. jordan spieth. good to see you, sir. jordan: thank you, you too. billy: and this year's champion, the 2016 champion, danny willett. danny, congratulations. delighted to see you. please have a seat. i know jim has a few questions. jim: thank you, billy. i do. bryson, the emphasis you put on playing at augusta, trying to even contend or win as an amateur, how do you put that

>> it's an honor first off to be able to be the low am out here. never in a million years would i have ever thought i'd be the low amateur here. but it's been a great week and again, congratulations to you, danny. great watching you play and good job. jim: what's next, bryce? >> hilton head. i go professional there and i look forward to hopefully getting a check next week. jim: congratulations. tied for 21st. danny, i'm not sure it's sunk in quite yet. i -- you have been on the phone, you face timed nicole. you're a new dad, a new major champion. life is pretty sweet right now, isn't it? danny: it is. life is crazy. you can't describe the emotions, the feelings. at the end, someone's got to win

fortunately today was my day. jim: what was it like trying to chase jordan on that second 911 moo -- nine? >> it was tough. every time we tried and catch -- to catch up, jordan kept pulling ahead. liing at the leaderboard and he's already at seven and it was a very surreal day when you look back at the ebbs and flows and yeah, fortunate that the shots we hit were correct at that particular time and we holed a few putts when we needed to. jim: who was your inspiration? only the second englishman to ever win the green jacket. >> it's crazy. my wife was born in about 10 minutes' time 28 years ago. my son was due today and he came 12, 13 days early to obviously help me come and play. you talk about fate and everything else that goes with it. it's been a crazy, crazy week. jim: you knew for months that april 10th was the due date.

it's time for the green jacket. billy: jordan, would you do the honor? presenting our new champion his green jacket. danny, congratulations. we're very proud of you. you are family. >> thank you. jim: well, another memory book to add to the augusta library. the gathering to have greats on thursday morning. -- of the greats on thursday morning. the goodbye to tom watson. and now we have only the second englishman to ever bring the green jacket back home. it's 28-year-old danny willett from sheffield, england. a new father, a new major champion.

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captioning funded by cbs and ford. we go further, so you can. >> steve kroft: behind these doors, in the u.s. capitol, is a book that contains one of the most secret and sensitive documents in the united states. 28 pages that could shed light on the events of 9/11. they've been seen by very few people, and tonight you'll hear from some of them. >> i think it's implausible to believe that 19 people, most of whom didn't speak english, could have carried out such complicated tasks without some support from within the united states. >> kroft: you believe that the 28 pages are crucial to this. >> they are a key part. >> holly williams: in the remote hills of eastern china, this is a magic kingdom that not even walt disney could have dreamed up. it's called hengdian world

on the planet. you're going to use hollywood directors, hollywood stars-- >> yes. >> williams --to make english- language films to compete with hollywood? >> yes. >> williams: and make global blockbusters? >> yes. i think we'll be doing it in the next one or two years. >> leslie stahl: schuyler bailar seemed to be a young woman who had it all: outstanding grades, admission to harvard. >> for harvard. >> stahl: and a top spot on their women's swim team. >> number 22, schuyler bailar! >> stahl: schuyler still swims for harvard, but he's now on the men's team. welcomed by his classmates as an openly-transgender athlete. how different are you? if i had met you a couple of years ago and then saw you today-- >> physically? yeah, you might not recognize me today. >> stahl: you look that different? >> i would say so, yeah. >> i'm steve kroft >> i'm leslie stahl

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... and reduce shock by 40%. so i feel like i'm ready to take on anything. tt2watx#`i$!p bt`n00, tt2watx#`i$!p "a`n > steve kroft: in ten days, president obama will visit saudi arabia at a time of deep mistrust between the two allies, and lingering doubts about the saudi commitment to fighting violent islamic extremism. it also comes at a time when the white house and intelligence officials are reviewing whether to declassify one of the country's most sensitive documents known as the 28 pages. they have to do with 9/11 and

saudi support network for the hijackers while they were in the u.s. for 13 years, the 28 pages have been locked away in a secret vault. only a small group of people have ever seen them. tonight, you will hear from some of the people who have read them and believe, along with the families of 9/11 victims, that they should be declassified. >> senator bob graham: i think it is implausible to believe that 19 people, most of whom didn't speak english, most of whom had never been in the united states before, many of whom didn't have a high school education could've carried out such a complicated task without some support from within the united states. >> kroft: and you believe that the 28 pages are crucial to this? understand... >> senator graham: i think they are a key part. >> kroft: former u.s. senator bob graham has been trying to get the 28 pages released since the day they were classified back in 2003, when he played a major role in the first government investigation into 9/11. >> senator graham: i remain

of material that has been censored from this report. >> kroft: at the time, graham was chairman of the senate select committee on intelligence. >> i call the joint inquiry to order. >> kroft: and co-chair of the bi-partisan joint congressional inquiry into intelligence failures surrounding the attacks. the joint inquiry reviewed 500,000 documents, interviewed hundreds of witnesses and produced an 838 page report, minus the final chapter which was blanked out, excised by the bush administration for reasons of national security. so this is your office. bob graham won't discuss the classified information in the 28 pages. he will say only that they outline a network of people that he believes supported the hijackers while they were in the u.s. you believe that support came from saudi arabia? >> senator graham: substantially. >> kroft: and when we say, "the saudis," you mean the government, the-- >> senator graham: i mean- >> kroft: --rich people in the country? charities- >> senator graham: all of the above.

believe the saudi role has been soft-pedaled to protect a delicate relationship with a complicated kingdom where the rulers, royalty, riches and religion are all deeply intertwined in its institutions. >> porter goss: i call this hearing to order. >> kroft: porter goss, who was graham's republican co-chairman on the house side of the joint inquiry, and later director of the c.i.a., also felt strongly that an uncensored version of the 28 pages should be included in the final report. the two men made their case to the f.b.i. and its then-director robert mueller in a face-to-face meeting. >> goss: and they pushed back very hard on the 28 pages and they said, "no, that cannot be unclassified at this time." >> kroft: did you happen to ask the f.b.i. director why it was classified? >> goss: we did in a general way, and the answer was-- because, "we said so and it needs to ( laughs ) be classified."

no reason then and knows of no reason now why the pages need to be classified. they are locked away under the capital in guarded vaults called "sensitive comartmented information facilities"--or "skiffs" in government jargon. this is as close as we could get with our cameras: a highly restricted area where members of congress with the proper clearances can read the documents under close supervision. no note-taking allowed. >> tim roemer: it's all got to go up here, steve. >> kroft: tim roemer, a former democratic congressman and u.s. ambassador to india, has read the 28 pages multiple times. first as a member of the joint inquiry, and later as a member of the blue ribbon 9/11 commission which picked up where congress' investigation left off. how hard is it to actually read these 28 pages? >> roemer: very hard. these are tough documents to get your eyes on. >> kroft: roemer and others who have actually read the 28 pages, describe them as a working draft

police report that includes provocative evidence. some verified, and some not, they lay out the possibility of official saudi assistance for two of the hijackers who settled in southern california. that information from the 28- pages was turned over to the 9/11 commission for further investigation. some of the questions raised were answered in the commission's final report. others were not. is there information in the 28 declassified, would surprise >> roemer: sure, you're gonna be surprised by it. and you're gonna be surprised by some of the answers that are sitting there today in the 9/11 commission report about what happened in san diego, and what happened in los angeles and what was the saudi involvement. >> kroft: much of that surprising information is buried in footnotes and appendices of the 9/11 report. part of the official public record, but most of it unknown to the general public.

the facts: in january of 2000, the first of the hijackers landed in los angeles after attending an al qaeda summit in kuala lumpur, malaysia. the two saudi nationals, nawaf al hazmi and khalid al mihdhar, arrived with extremely limited language skills and no experience with western culture. yet, through an incredible series of circumstances, they managed to get everything they needed, from housing to flight lessons. >> roemer: l.a., san diego, that's really you know, the hornet's nest. that's really the one that i continue to think about almost on a daily basis. >> kroft: during their first days in l.a., witnesses place the two future hijackers at the king fahd mosque in the company of fahad al-thumairy, a diplomat at the saudi consulate known to hold extremist views. later, 9/11 investigators would find him deceptive and

be denied re-entry to the united states for having suspected ties to terrorist activity. >> roemer: this is a very interesting person in the whole 9/11 episode of who might've helped whom in los angeles and san diego, with two terrorists who didn't know their way around. >> kroft: phone records show that thumairy was also in regular contact with this man: omar al-bayoumi, a mysterious saudi who became the hijackers biggest benefactor. he was a ghost employee with a no-show job at a saudi aviation contractor outside los angeles while drawing a paycheck from the saudi government. you believe bayoumi was a saudi agent? >> senator graham: yes, and-- >> kroft: what makes you believe that? >> senator graham: well, for one thing, he had been listed even before 9/11 in f.b.i. files as being a saudi agent. >> kroft: on the morning of february 1st, 2000, bayoumi went to the office of the saudi consulate where thumairy worked. he then proceeded to have lunch at a middle eastern restaurant

later claimed he just happened to make the acquaintance of the two future hijackers. >> roemer: hazmi and mihdhar magically run into bayoumi in a restaurant that bayoumi claims is a coincidence and in one of the biggest cities in the united states. >> kroft: and he decides to befriend them. >> roemer: he decides to not only befriend them but then to help them move to san diego and get residence. >> kroft: in san diego, bayoumi found them a place to live in his own apartment complex, advanced them the security deposit and co-signed the lease. he even threw them a party and introduced them to other muslims who would help the hijackers obtain government i.d.'s and enroll in english classes and flight schools. there's no evidence that bayoumi or thumairy knew what the future hijackers were up to, and it is possible that they were just trying to help fellow muslims. but the very day bayoumi welcomed the hijackers to san diego, there were four calls

imam at a san diego mosque, anwar al aulaqi, a name that should sound familiar. >> anwar al-aulaqi: america cannot and will not win! >> kroft: the american-born aulaqi would be infamous a decade later, as al qaeda's chief propagandist and top operative in yemen until he was taken out by a c.i.a. drone. but in january 2001, a year after becoming the hijackers' spiritual advisor, he left san diego for falls church, virginia. months later, hazmi, mihdhar and three more hijackers would join him there. >> roemer: those are a lot of coincidences, and that's a lot of smoke. is that enough to make you squirm and uncomfortable, and dig harder and declassify these 28 pages? absolutely. >> kroft: perhaps no one is more interested in reading the 28 pages than attorneys jim kreindler and sean carter, who represent family members of the 9/11 victims in their lawsuit against the kingdom.

provided money to al qaeda, knowing that it was waging war against the united states. >> jim kreindler: what we're doing in court is-is developing the story that has to come out. but it's been difficult for us because for many years, we weren't getting the kind of openness and cooperation. that we think our government owes to the american people particularly the-- the families of people who were murdered. >> kroft: the u.s. government has even backed the saudi position in court, that it can't be sued because it enjoys sovereign immunity. the 9/11 commission report says that saudi arabia has long been considered the primary source of al-qaeda funding through its wealthy citizens and charities with significant government sponsorship. but the sentence that got the most attention when the report

attorney sean carter says it's the most carefully crafted line in the 911 commission report, and the most misunderstood. >> sean carter: when they say they found no evidence that senior saudi officials individually funded al qaeda, they conspicuously leave open the potential that they found evidence that people who were officials that they did not regard as senior officials had done so. that is the essence of the families' lawsuit. that elements of the government and lower level officials sympathetic to bin laden's cause helped al qaeda carry out the attacks and help sustain the al qaeda network. >> kroft: yet, for more than a decade, the kingdom has maintained that that one sentence exonerated it of any responsibility for 911 regardless of what might be in >> bob kerrey: it's not an exoneration. what we said-- we did not, with this report, exonerate the saudis. >> kroft: former u.s. senator bob kerrey is another of the ten-member 9/11 commission who has read the 28 pages and

declassified. he filed an affidavit in support of the 9/11 families' lawsuit. >> kerrey: you can't provide the money for terrorists and then say, "i don't have anything to do with what they're doing. >> kroft: do you believe that all of the leads that were developed in the 28 pages were answered in the 911 report? all the questions? kerrey: no, no. in general, the 911 commission did not get every single detail of the conspiracy. we didn't. we didn't have the time, we didn't have the resources. we certainly didn't pursue the entire line of inquiry in regard to saudi arabia. >> kroft: do you think all of these things in san diego can be explained as coincidence? >> john lehman: ( laughs ) i don't believe in coincidences. >> kroft: john lehman, who was secretary of the navy in the reagan administration, says that he and the others make up a solid majority of former 9/11 commissioners who think the 28 pages should be made public. >> lehman: we're not a bunch of rubes that rode into washington for this commission. i mean, we, you know, we've seen

politics of national security. we all have dealt for our careers in highly classified and compartmentalized in every aspect of security. we know when something shouldn't be declassified. and the, this, those 28 pages in no way fall into that category. >> kroft: lehman has no doubt that some high saudi officials knew that assistance was being provided to al qaeda, but he doesn't think it was ever official policy. he also doesn't think that it absolves the saudis of responsibility. >> lehman: it was no accident that 15 of the 19 hijackers were saudis. they all went to saudi schools. they learned from the time they were first able to go to school of this intolerant brand of islam. >> kroft: lehman is talking about wahhabism, the ultra- conservative, puritanical form permeates every facet of

there is no separation of church and state. after oil, wahhabism is one of the kingdom's biggest exports. saudi clerics, entrusted with islam's holiest shrines, have immense power and billions of dollars to spread the faith. building mosques and religious schools all over the world that have become recruiting grounds for violent extremists. 9/11 commissioner john lehman says all of this comes across in the 28 pages. >> lehman: this is not going to be a smoking gun that is going to cause a huge furor. but it does give a very compact illustration of the kinds of things that went on that-- that would really help the american people to understand why, what, how, how is it that these people are springing up all over the world to go to jihad? >> roemer: look, the saudis have even said they're for declassifying it. we should declassify it.

might it involve opening a bit a can of worms, or some snakes crawling out of there? yes. but i think we need a relationship with the saudis. where both countries are working together to fight against terrorism. and that's not always been the case. >> cbs money watch update sponsored by: >> glor: good evening. for the first time in 97 years, the price of a postage stamp dropped today from 49 cents to 47. boeing confirms it's been cleared for direct talks with iranian airliners. and a developer dubai announced plans to build the world's

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>> stahl: now, holly williams of cbs news on assignment for "60 minutes." >> williams: the chinese economy is in trouble, plagued by slowing growth and uncertainty in the stock markets. but there's one industry that isn't suffering: the movie business. in february, the chinese box office brought in over $1 billion for the first time ever, beating the u.s. and canada. china, with its 1.3 billion people, is expected to become the biggest movie market in the world as early as next year. hollywood has taken notice, partnering with chinese studios and making blockbusters as much for chinese audiences as american ones. but the u.s. film industry is also facing competition from chinese moguls and movie stars with big ambitions.

hollywood, rising in the east. in the remote hills of eastern china, this is a magic kingdom that not even walt disney could have dreamed up. it's called hengdian world studios, and at over 7,000 acres, it's the largest film lot on the planet. a palace for every dynasty, a village for every era, where some of the biggest movies in china have been filmed over the last two decades. these sets aren't flimsy facades, but full-scale brick and mortar replicas of china's imperial past. and when the films wrap, a brief silence. before the sets are flooded by 15 million tourists who visit every year. it's all the domain of xu

realized his fields were fertile ground for a new industry. permission is hardly ever granted to film in the real forbidden city, china's iconic landmark, so he built his own. it took several hundred years to build the real forbidden city, and it took you five years to build this one. and you made the whole thing from cement? xu got the idea for this place 20 years ago after a visit to hollywood. movies weren't big business in china back then, but he spent $1 billion gambling on their growth. do you feel a bit like an emperor when you come here? no, you're just an ordinary guy. an ordinary guy whose empire hosts 30 different productions every day, as the film crews compete for space with tourists

get a glimpse of the stars. when the cameras start rolling, movie magic. the movie business is booming across china. shopping malls have popped up everywhere, and with them, theaters. 22 new movie screens open every day. that's right, every day. in the last five years, box office receipts have grown a staggering 350%. it's created a kind of a mass hysteria, and something china's never seen before: star culture. li bing bing has been described as china's angelina jolie. it feels as if the movie industry here in china is getting more and more like hollywood. >> li bing bing: the-- the speed of the development, you can't imagine, even for us. >> williams: it's changing so quickly. >> bing: so quickly. you-- >> williams: and-- >> bing: --even you don't even

>> williams: and transformed into a multi-billion dollar industry. chinese studios produce over 600 features a year: action movies, science fiction, thrillers. behind them is a group of pioneering movie moguls, like dennis wang. he once worked as a chinese food deliveryman in new york, and is now chairman of the huayi bros, one of the largest studios in the country. the movie business has made him a billionaire, a capitalist with chinese characteristics. last year he spent $30 million on a picasso, which he keeps in his pocket and in one of his other homes. so that's the picasso. and you bought it from the goldwyn family, who owned the mgm studios in hollywood? so it's not so much as a passing of the torch as a passing of the

the biggest prize isn't picassos, but hollywood itself. this year, a chinese company purchased a hollywood studio for $3.5 billion. others have been investing in multi-movie production deals with american companies to make films for the global market. you're going to use hollywood directors, hollywood stars-- >> dennis wang: yes. >> williams: --to make english- language films to compete with hollywood? >> dennis wang: yes. >> williams: and make global blockbusters? >> dennis wang ( translated ): yes. ( laughs ). i think we'll be doing it in the next one or two years. maybe in five years, we'll be doing it really well. >> williams: in five years, you'll be competing with hollywood. >> dennis wang: i think we can do it. >> williams: even though china's economy has slumped in the last year, dennis' brother james, the huayi bros c.e.o., says the movie business is recession- proof. >> james wang( translated ):