Many Chinese companies have turned to Hollywood in the past few years realizing the opportunities it has to offer. However, legal and financial complexities have put a strain on the relationship, says Mika.

"Many (companies) found out quickly that the Hollywood system is very different than in China," he says. "So much of the business is based primarily on creative concept, which rapidly turns into business rules and regulation, and that is where the hesitation is observed."

Some critics argue that catering to a Chinese crowd will diminish the quality of movies because it requires simpler plots and universal, formulaic themes. Others contend that cultural elements added unnaturally into a movie could do more harm than good if incomplete or inaccurate.

"The worldwide audience today is smart and understands that a film is a film, fiction and nonfiction, and liberties are taken by filmmakers," Mika says.

Mika says he predicts only a small number of Chinese filmmakers and investors will take to Hollywood to work on global movies, but he says he expects a boom in Chinese moviemaking.

"To me what is important is that China develops a global platform and distribution network that gets into cinemas and film festivals around the world," he says. "Getting an international audience interested in Chinese films is important."

Kurt Nagl contributed to this story.