----

----

| [X]             | QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES  |
|-----------------|-------------------------------------------------------------------------|
|            | EXCHANGE      ACT of 1934 For the quarter ended December      31, 2007  |
|            |                                                                    |
| OR              |                                                                    |
|            |                                                                    |
| [        ] | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES |
|            | EXCHANGE      ACT of 1934 For the transition periodfrom                 |

----

| Nevada                                             | N/A                                  |
|----------------------------------------------------|--------------------------------------|
| (State      or Other Jurisdiction of Organization) | (IRS      Employer Identification #) |

----

----

----

| Greater      China Media and Entertainment Corp.                              |   |                                                                                                                |    |                                                                                                                |
|-------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------|---------|---------------------------------------------------------------------------------------------------------------------|
| Consolidated      Balance Sheets                                              |   |                                                                                                                |    |                                                                                                                |
|                                                                          |   |                                                                                                                |    |                                                                                                                |
|                                                                          |   |                                                                                                                |    |                                                                                                                |
|                                                                          |   | December      31,                                                                                                   |    | September      30,                                                                                                  |
|                                                                          |   | 2007                                                                                                                |    | 2007                                                                                                                |
|                                                                          |   | (Unaudited)                                                                                                         |    | (Audited)                                                                                                           |
| ASSETS                                                                        |   |                                                                                                                |    |                                                                                                                |
| Current      Assets                                                           |   |                                                                                                                |    |                                                                                                                |
| Cash                                                                          | $      |          793,368                                                       |  $ |            81,885                                            |
| Accounts      receivable                                                      |   |           52,803                                                  |    |          519,250                                                       |
| Other      receivable                                                         |   |          121,360                                                       |    |          111,503                                                       |
| Prepaid      expenses                                                         |   |          164,999                                                       |    |            38,649                                            |
| Total      current assets                                                     |   |       1,132,530                                                                       |    |          751,287                                                       |
| Fixed      assets, net                                                        |   |           34,910                                                  |    |            12,969                                            |
| Capitalized      film and television costs, net                               |   |          988,635                                                       |    |       1,037,007                                                                       |
| Total      assets                                                             | $      |       2,156,075                                                                       | $       |       1,801,263                                                                       |
|                                                                          |   |                                                                                                                |    |                                                                                                                |
|                                                                          |   |                                                                                                                |    |                                                                                                                |
|                                                                          |   |                                                                                                                |    |                                                                                                                |
|                                                                          |   |                                                                                                                |    |                                                                                                                |
| LIABILITIES      AND STOCKHOLDERS' EQUITY                                     |   |                                                                                                                |    |                                                                                                                |
| Current      Liabilities                                                      |   |                                                                                                                |    |                                                                                                                |
| Accounts      payable and accrued liabilities                                 | $      |          243,321                                                       | $       |          230,180                                                       |
| Deferred      revenues                                                        |   |          465,562                                                       |    |          133,380                                                       |
| Accrued      consulting fees payable to related parties                       |   |          570,432                                                       |    |          499,775                                                       |
| Loans      payable to related parties                                         |   |          323,505                                                       |    |          334,512                                                       |
| Total      current liabilities and total liabilities                          |   |       1,602,820                                                                       |    |       1,197,847                                                                       |
| Minority      Interests                                                       |   |           10,977                                                  |    |            12,992                                            |
| Stockholders'      Equity                                                     |   |                                                                                                                |    |                                                                                                                |
| Preferred      stock, $0.00001 par value;                                     |   |                                                                                                                |    |                                                                                                                |
| authorized      100,000,000 shares,                                           |   |                                                                                                                |    |                                                                                                                |
| issued      and outstanding 0 and 0 shares, respectively                      |   |                    - |    |                    - |
| Common      stock, $0.00001 par value;                                        |   |                                                                                                                |    |                                                                                                                |
| authorized      1,000,000,000 shares,                                         |   |                                                                                                                |    |                                                                                                                |
| issued      and outstanding 29,200,000 and 25,300,000 shares,    respectively |   |                292                       |    |                253                       |
| Additional      paid-in capital                                               |   |       2,458,583                                                                       |    |       1,756,622                                                                       |
| Deferred      stock-based compensation                                        |   |        (624,000)                                                                 |    |                    - |
| Accumulated      other comprehensive income                                   |   |           58,214                                                  |    |            18,416                                            |
| Deficit                                                                       |   |      (1,350,811)                                                                           |    |      (1,184,867)                                                                           |
| Total      stockholders' equity                                               |   |          542,278                                                       |    |          590,424                                                       |
| Total      liabilities and stockholders' equity                               | $      |       2,156,075                                                                       | $       |       1,801,263                                                                       |
|                                                                          |   |                                                                                                                |    |                                                                                                                |
| See      notes to consolidated financial statements.                          |   |                                                                                                                |    |                                                                                                                |

----

| Greater      China Media and Entertainment Corp.                                    |   |                                                                            |   |                                                                            |
|-------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|
| Consolidated      Statements of Operations                                          |   |                                                                            |   |                                                                            |
| (Unaudited)                                                                         |   |                                                                            |   |                                                                            |
|                                                                                |   |                                                                            |   |                                                                            |
|                                                                                |   | Three      months ended December 31,                                            |
|                                                                                |   | 2007                                                                            |   | 2006                                                                            |
|                                                                                |   |                                                                            |   |                                                                            |
| Revenues                                                                            |   |                                                                            |   |                                                                            |
| Promotion      and event services                                                   | $      |    537,159                                                       | $      |              - |
| Film      and television production and distribution                                |   |    134,570                                                       |   |              - |
| Total      Revenues                                                                 |   |    671,729                                                       |   |              - |
|                                                                                |   |                                                                            |   |                                                                            |
| Costs      and expenses                                                             |   |                                                                            |   |                                                                            |
| Costs      related to promotion and event services revenues                         |   | 471,554                                                                         |   |              - |
| Costs      related to film and television production and distribution      revenues |   |              - |   |              - |
| Amortization      of capitalized film and television costs                          |   |      74,686                                            |   |              - |
| Selling,      general and administrative expenses                                   |   | 293,687                                                                         |   |    146,495                                                       |
| Total      operating costs and expenses                                             |   | 839,927                                                                         |   |    146,495                                                       |
| Loss      from operations                                                           |   | -168,198                                                                        |   | -146,495                                                                        |
|                                                                                |   |                                                                            |   |                                                                            |
| Interest      income                                                                |   |          239                       |   |              - |
| Minority      interests                                                             |   |        2,015                                 |   |              - |
| Loss      before income taxes                                                       |   |   (165,944)                                                           |   |   (146,495)                                                           |
| Income      taxes                                                                   |   |              - |   |              - |
| Loss      from continuing operations                                                |   |   (165,944)                                                           |   |   (146,495)                                                           |
| Loss      from discontinued operations                                              |   |              - |   |              - |
| Net      loss                                                                       | $      |   (165,944)                                                           | $      |   (146,495)                                                           |
|                                                                                |   |                                                                            |   |                                                                            |
| Net      loss per share - basic and diluted                                         | $      |        (0.01)                                | $      |        (0.01)                                |
|                                                                                |   |                                                                            |   |                                                                            |
| Number      of common shares used to compute loss per share                         |   |                                                                            |   |                                                                            |
| Basic      and diluted                                                              |   | 27,843,478                                                                      |   | 20,100,000                                                                      |
|                                                                                |   |                                                                            |   |                                                                            |
| See      notes to consolidated financial statements.                                |   |                                                                            |   |                                                                            |

----

| Greater      China Media and Entertainment Corp.     |                                                                                              |   |                                                          |                                        |                                                                                                                      |   |                                                                                                          |                            |                                                                                        |   |
|------------------------------------------------------|---------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------|---------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------|---------------------------------|---------------------------------------------------------------------------------------------|--------|
| Consolidated      Statement of Stockholders' Equity  |                                                                                              |   |                                                          |                                        |                                                                                                                      |   |                                                                                                          |                            |                                                                                        |   |
| For      the three months ended December 31, 2007    |                                                                                              |   |                                                          |                                        |                                                                                                                      |   |                                                                                                          |                            |                                                                                        |   |
| (Unaudited)                                          |                                                                                              |   |                                                          |                                        |                                                                                                                      |   |                                                                                                          |                            |                                                                                        |   |   |   |   |
|                                                 |                                                                                              |   |                                                          |                                        |                                                                                                                      |   |                                                                                                          |                            |                                                                                        |   |   |   |   |
|                                                 | Common      Stock                                                                                 |   | Additional      Paid-in      Capital                          | Deferred      stock-based      compensation | Deficit                                                                                                                   |   | Accumulated      Other Comprehesive Income                                                                    | Total      Stockholders' Equity |
|                                                 | Shares                                                                                            |   | Amount                                                        |                                        |                                                                                                                      |   |                                                                                                          |                            |                                                                                        |   |   |   |   |
| Balance,      September 30, 2007                     |   25,300,000                                                                            | $      |       253                       | $                                           |         1,756,622                                                                 | $      |                   - | $                               |  (1,184,867)                                                                           | $      |             18,416 | $ |            590,424 |
| Issuance      of common stock                        |                                                                                              |   |                                                          |                                        |                                                                                                                      |   |                                                                                                          |                            |                                                                                        |   |   |   |   |
| pursuant      to Consultancy                         |                                                                                              |   |                                                          |                                        |                                                                                                                      |   |                                                                                                          |                            |                                                                                        |   |   |   |   |
|  Services      Agreement                        |    3,900,000                                                                       |   |        39                  |                                        |           701,961                                                       |   |        (702,000)                                                           |                            |                - |   |                     - |   |                      - |
| Amortization      of deferred                        |                                                                                              |   |                                                          |                                        |                                                                                                                      |   |                                                                                                          |                            |                                                                                        |   |   |   |   |
| stock-based      compensation                        |                                                                                              |   |                                                          |                                        |                                                                                                                      |   |                                                                                                          |                            |                                                                                        |   |   |   |   |
| relating      to the Consultancy                     |                                                                                              |   |                                                          |                                        |                                                                                                                      |   |                                                                                                          |                            |                                                                                        |   |   |   |   |
| Service      Agreement                               |                 - |   |           - |                                        |                     - |   |           78,000                                            |                            |                - |   |                     - |   |             78,000 |
| Foreign      translation adjustment                  |                 - |   |           - |                                        |                     - |   |                   - |                            |                - |   |             39,798 |   | 38,748 |
| Net      loss for the three months                   |                                                                                              |   |                                                          |                                        |                                                                                                                      |   |                                                                                                          |                            |                                                                                        |   |   |   |   |
| ended      December 31, 2007                         |                 - |   |           - |                                        |                     - |   |                   - |                            |     (165,944)                                                           |   |                     - |   | (165,944) |
| Balance,      December 31, 2007                      |   29,200,000                                                                            | $      |       292                       | $                                           |         2,458,583                                                                 | $      |        (624,000)                                                           | $                               |  (1,350,811)                                                                           | $      |             58,214 | $ | 542,278 |
|                                                 |                                                                                              |   |                                                          |                                        |                                                                                                                      |   |                                                                                                          |                            |                                                                                        |   |   |   |   |
| See      notes to consolidated financial statements. |                                                                                              |   |                                                          |                                        |                                                                                                                      |   |                                                                                                          |                            |                                                                                        |   |   |   |

----

| Greater      China Media and Entertainment Corp.             |   |                                                                            |   |                                                                      |
|--------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|
| Consolidated      Statements of Cash Flows                   |   |                                                                            |   |                                                                      |
| (Unaudited)                                                  |   |                                                                            |   |                                                                      |
|                                                         |   |                                                                            |   |                                                                      |
|                                                         |   | Three      months ended December 31,                                            |
|                                                         |   | 2007                                                                            |   | 2006                                                                      |
|                                                         |   |                                                                            |   |                                                                      |
| Cash      Flows from Operating Activities                    |   |                                                                            |   |                                                                      |
| Net      loss                                                | $      |  (165,944)                                                                 | $      | -146,495                                                                  |
| Adjustments      to reconcile net loss to net cash           |   |                                                                            |   |                                                                      |
| provided      by (used for) operating activities:            |   |                                                                            |   |                                                                      |
| Depreciation      of fixed assets                            |   |          694                       |   |             - |
| Amortization      of capitalized film and television costs   |   |      74,686                                            |   |             - |
| Stock-based      compensation                                |   |      78,000                                            |   |             - |
| Minority      interests                                      |   |      (2,015)                                           |   |             - |
| Changes      in operating assets and liabilities:            |   |                                                                            |   |                                                                      |
| Accounts      receivable                                     |   |    466,447                                                       |   |             - |
| Other      receivable                                        |   |      (9,857)                                           |   |             - |
| Prepaid      expenses                                        |   |  (126,350)                                                                 |   |   (50,000)                                                      |
| Accounts      payable and accrued liabilities                |   |      13,141                                            |   |     (1,318)                                           |
| Deferred      revenues                                       |   |    332,182                                                       |   |             - |
| Accrued      consulting fees payable to related parites      |   |      70,657                                            |   |   125,002                                                       |
| Net      cash provided by (used for) operating activities    |   |    731,641                                                       |   |   (72,811)                                                      |
|                                                         |   |                                                                            |   |                                                                      |
| Cash      Flows from Investing Activities                    |   |                                                                            |   |                                                                      |
| Acquisition      of fixed assets                             |   |    (22,658)                                                      |   |             - |
| Net      cash provided by (used for) investing activities    |   |    (22,658)                                                      |   |             - |
|                                                         |   |                                                                            |   |                                                                      |
| Cash      Flows from Financing activities                    |   |                                                                            |   |                                                                      |
| Increase      (decrease) in loans payable to related parties |   |    (11,007)                                                      |   |    60,000                                                  |
| Net      cash provided by (used for) financing activities    |   |    (11,007)                                                      |   |    60,000                                                  |
|                                                         |   |                                                                            |   |                                                                      |
| Effect      of foreign exchange rate changes on cash         |   |      13,507                                            |   |             - |
|                                                         |   |                                                                            |   |                                                                      |
| Increase      (decrease) in cash                             |   |    711,483                                                       |   |   (12,811)                                                      |
| Cash,      beginning of period                               |   | 81,885                                                                          |   |    25,631                                                  |
|                                                         |   |                                                                            |   |                                                                      |
| Cash,      end of period                                     | $      | 793,368                                                                         |   |    12,820                                                  |
|                                                         |   |                                                                            |   |                                                                      |
| Supplemental      Disclosures of Cash Flow Information:      |   |                                                                            |   |                                                                      |
| Interest      paid                                           | $      |          591                       | $      |             - |
| Income      taxes paid                                       | $      |              - | $      |             - |
| Non-cash      Investing and Financing Activities:            |   |                                                                            |   |                                                                      |
| Issuance      of common stock pursuant to                    |   |                                                                            |   |                                                                      |
| consulting      agreement                                    | $      |    702,000                                                       | $      |             - |
|                                                         |   |                                                                            |   |                                                                      |
| See      notes to consolidated financial statements.         |   |                                                                            |   |                                                                      |

----

----

|                                         | Three      months ended                                       |
|----------------------------------------------|---------------------------------------------------------------|
|                                         | December      31,                                             |
|                                         | 2007                                                          | 2006 |
|                                         |                                                          |   |
| Numerator      - net loss available to       |                                                          |   |
| common      stockholders                     |  $  (165,944)                                  |  $  (146,495) |
|                                         |                                                          |   |
| Denominator      - weighted average number   |                                                          |   |
| of      common shares outstanding            |   27,843,478                                        |   20,100,000 |
|                                         |                                                          |   |
| Basic      and diluted loss per common share |  $        (0.01) |  $        (0.01) |

|                                           | December      31,                                              |   | September      30,                                                                                                        |
|------------------------------------------------|----------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------|
|                                           | 2007                                                           |   | 2007                                                                                                                      |
|                                           |                                                           |   |                                                                                                                      |
| "Rich      Dad, Poor Dad" television series    |  $     684,650                   |   |  $      666,884                                                                        |
| "Tough      Guy" theatrical film               |         379,981        |   |          370,123                                                             |
| Total                                          |      1,064,631                        |   |       1,037,007                                                                             |
| Less      accumulated amortization             |          (75,996) |   |                     - |
| Capitalized      film and television cost, net |  $     988,635                   |   |  $   1,037,007                                                                                        |

----

----

|                                | December      31,                                                                         | September      30,                                                                                                                    |
|-------------------------------------|-------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|
|                                | 2007                                                                                      | 2007                                                                                                                                  |
|                                |                                                                                      |                                                                                                                                  |
| Computer      equipment             |  $         33,855                       |  $          13,406                                                             |
| Furniture      and fixtures         |               2,209 |                       - |
| Total                               |             36,064            |              13,406                                                  |
| Less:      accumulated depreciation |             (1,154)           |                 (437)                                 |
| Fixed      assets, net              |  $         34,910                       |  $          12,969                                                             |

|                                                                      | December      31,                                                   |   | September      30,                                                        |
|--------------------------------------------------------------------------------|---------------------------------------------------------------------|--------|---------------------------------------------------------------------------|
|                                                                           | 2007                                                                |   | 2007                                                                      |
|                                                                           |                                                                |   |                                                                      |
| Consulting      fee payable to:                                                |                                                                |   |                                                                      |
| Jake      Wei (Chairman of the Board of Directors and                          |                                                                |   |                                                                      |
|     Chief      Executive Officer) and affiliated companies |  $       403,764            |   |  $        333,107            |
| John      Hui (Former Director and Chief Executive Officer)                    |           166,668 |   |            166,668 |
| Total                                                                          |  $       570,432            |   |  $        499,775            |

|                                                                 | December      31,                                                  |   | September      30,                                                       |
|----------------------------------------------------------------------|--------------------------------------------------------------------|--------|--------------------------------------------------------------------------|
|                                                                 | 2007                                                               |   | 2007                                                                     |
|                                                                 |                                                               |   |                                                                     |
| Loan      payable to Jack Wei, Chairman, and affiliated companies,   |                                                               |   |                                                                     |
| non-interest      bearing, due on demand                             |  $     270,794                       |   |  $      281,801                       |
| Loan      payable to Jian Ping Zhang, former chief executiveofficer, |                                                               |   |                                                                     |
| non-interest      bearing, due on demand                             |           52,711 |   |            52,711 |
|                                                                 |  $     323,505                       |   |  $      334,512                       |

----

|                                   |          | Three      months ended                                                   |
|----------------------------------------|---------------|---------------------------------------------------------------------------|
|                                   |          | December      31,                                                         |
|                                   |          | 2007                                                                      |   | 2006 |
|                                   |          |                                                                      |   |   |
| Expected      tax at 35%               |   $ |  (58,080)                                                            |   $ |  (51,273) |
| Nondeductible      stock-based         |          |                                                                      |   |   |
| compensation                           |          |    27,300                                                  |   |             - |
| Tax      effect of PRC subsidiaries'   |          |                                                                      |   |   |
| lower      income tax rate             |          |       (932)                                 |   |             - |
| Change      in valuation allowance     |          |    31,712                                                  |   |    51,273 |
| Actual      provision for income taxes |  $       |             - |  $ |             - |
|                                   |          |                                                                      |   |   |

----

|                                                 |   | December      31, |   | December      31, |
|------------------------------------------------------|--------|-------------------|--------|-------------------|
|                                                 |   | 2007              |   | 2006              |
| Revenues:                                            |   |              |   |              |
| Promotional      and event services                  | $      | 537,159           | $      | -                 |
| Film      and television production and distribution |   | 134,570           |   | -                 |
| Total                                                | $      | 671,729           | $      | -                 |
|                                                 |   |              |   |              |
| Income      (loss) from operations:                  |   |              |   |              |
| Promotional      and event services                  | $      | (5,276)           | $      | -                 |
| Film      and television production and distribution |   | 14,360            |   | -                 |
| Corporate                                            |   | (177,282)         |   | (146,495)         |
| Total                                                | $      | (168,198)         | $      | (146,495)         |
|                                                 |   |              |   |              |
| Identifiable      assets:                            |   |              |   |              |
| Promotional      and event services                  | $      | 272,339           | $      | -                 |
| Film      and television production and distribution |   | 1,875,079         |   | 30,000            |
| Corporate                                            |   | 8,657             |   | 62,820            |
| Total                                                | $      | 2,156,075         | $      | 92,820            |
|                                                 |   |              |   |              |
| Capital      expenditures:                           |   |              |   |              |
| Promotional      and event services                  | $      | 22,012            | $      | -                 |
| Film      and television production and distribution |   | 646               |   | -                 |
| Total                                                | $      | 22,658            | $      | -                 |
|                                                 |   |              |   |              |
| Depreciation      and amortization:                  |   |              |   |              |
| Promotional      and event services                  | $      | 580               | $      | -                 |
| Film      and television production and distribution |   | 74,800            |   | -                 |
| Total                                                | $      | 75,380            | $      | -                 |

----

| -   | was      appointed as an approved public relations vendor for Microsoft China;        |
|---------------|--------------------------------------------------------------------------------------------|

| -   | was      appointed as an approved public relations vendor for    Siemens; |
|---------------|---------------------------------------------------------------------------|

| -   | managed      conferences and forums, promoted new products, built conference sites, and      conducted many other events for renowned companies such as Johnson &      Johnson, Canon, Reuters, etc. |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| (a)   | Form      8-K filed with the Commission on November 13, 2007 relating to Item 3.02      “UNREGISTERED SALES OF EQUITYSECURITIES.” |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| Exhibit      No. | Document      Description                                                                                                                                                     |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|             |                                                                                                                                                                          |
| 31.1             | Certification of      Principal Executive Officer pursuant to Rule 13a-15(a) and Rule 15d-15(a), promulgated under      the Securities Exchange Act of 1934, as  amended.     |
|             |
| 31.2             | Certification of      Principal Financial Officer pursuant to Rule 13a-15(a) and Rule 15d-15(a),      promulgated under the Securities Exchange Act of 1934, as      amended. |
|             |
| 32.1             | Certification of      Chief Executive Officer Pursuant To 18 U.S.C. Section 1350, as adopted      pursuant to Section 906 Of The      Sarbanes-Oxley Act of 2002.             |
|             |
| 32.2             | Certification of      Chief Financial Officer Pursuant To      18 U.S.C. Section 1350, as adopted pursuant to Section 906 Of The      Sarbanes-Oxley Act of2002.              |

|   | GREATER      CHINA MEDIA AND ENTERTAINMENT CORP. |
|--------|--------------------------------------------------|
|   | (the      "Registrant")                          |
|   |                                             |   |
|   | BY:                                              | /s/      Jake      Wei |
|   |                                             | Jake      Wei, Chairman of Board of Directors |
|   |                                             |   |
|   | BY:                                              | /s/      Liu,      XiaoLin |
|   |                                             | Liu,      XiaoLin, Member of Board ofDirectors |

----