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?"