NBCUniversal and Chinese online video giant Youku have struck a multiyear content agreement for video-on-demand rights in China to a broad collection of current, library and upcoming NBCUniversal feature films.

Instead, most of the real money seems to focus at least partially on China itself, which befits the country's mandate to build its own entertainment business by working with outside expertise. That includes construction of new China-based facilities and co-productions geared toward the Chinese and global marketplaces.

They arrive bright-eyed, with heads filled with visions of stardom. But reality in movie town can quickly send dreams crashing down to earth. Han Bingbin spends a week mingling with would-be stars on the film sets of Hengdian.

Censors in China don't just ban nudity or excessive violence. They also have a list of complicated demands that can make the process of applying for script approval -- the first step in getting a co-production off the ground -- a time-consuming and frustrating experience.

Since the 1990s, the three awards had a quick decline in their influence," said movie critic Fang Liuxiang. "Now as moviegoers get information about the quality of films from international awards they care less about these three."

"I am looking for real co-production, but many foreign companies only pay attention to the huge Chinese market or are looking for funds. I don't want that sort of cooperation. I hope international cooperation can involve Chinese concepts and tell Chinese stories to the global English-speaking market," he said.