China has been moving into Hollywood for years, partnering with American film studios with a view to export China's culture as soft power. The Hollywood formula has eluded the Chinese. What the U. S., is exporting is lifestyle, standard of living, and classic dramatic archetypes.
The Chinese government wants Chinese film to have the same cachet as Hollywood film. This has not been a success. The image of China has been difficult to export. The question is "Why?"
Its two biggest hits have been "The Great Wall" a disaster of a film starring Mark Damon as the Western lead and a beautiful Chinese actress. The second hit "Wolf Warrior 2" could be called the "Rambo of China" in which a Chinese special forces hero saves hostages in Africa.
Some have been speculating that Indian film may become the next big cultural export. Here is the podcast recently posted by the Asia Society.