Why Wushu was not selected for the olymbics

I was so sad when the Chinese president said that wushu is not selecting as an Olympic event, or even not for the opening ceremonies. It was too sad since i lost the hope to see that event in the Olympics with one of my friend participating. It was there is a past Olympic i think. But if it was there, china might won almost all the wushu golds and silvers.
What do you think?