I had the same problem and I found something that worked for me on another forum.
I guess you're all using the 64-bit jdk. The solution is to install the 32-bit jdk also (without installing the 64-bit one). After that, the emulator worked, no other configuration needed.
It seems that the WTK has problems with the 64-bit jdk, therefore installing the 32-bit jdk will solve this.
If you're already using the 32-bit jdk then sorry, I don't know what the problem is...
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