Last year, up to 122 foreign films were released in China. In addition, China coproduced 47 movies with 12 other countries in 2018, data from the China Film Coproduction Corporation shows.

Fan of Alibaba Pictures says Chinese filmmakers can learn from their foreign counterparts. Hollywood's formula for global popularity has contributed to producing bankable franchises, such as Marvel's superhero stories, The Fast and the Furious and Star Wars.

"Few smash hits in China have shot more than two sequels," Fan says.

China should aim to become an important player in conveying cultural values in the global film market in future, he adds, but for now it should focus on cultivating talent and polishing stories.