[Photo by Jiang Dong/China Daily]

He says China is the world's only country which is still seeing big growth in the film industry, while most major markets in the rest of the world are going in the opposite direction.

For American producer James Schamus, the man behind the Oscar-winning Crouching Tiger, Hidden Dragon, present-day coproductions have gone even further than before.

"It doesn't simply mean you hire an attractive Chinese actress to star as Mel Gibson's girlfriend and shoot the film in Shanghai. That is the old way (for Sino-US productions)," says Schamus.

"The new way is to use every aspect of the filmmaking business, including the creative part, to create a new Hollywood (in China)," he says.

His views were earlier echoed by the studios at a similar-themed forum at the festival.