On a tangent, China aims to be a moviemaking powerhouse by 2035[1]. They want to have independence from Hollywood and foreign media influence on their culture. It's not just Hollywood they want to wean themselves from, but (South) Korean programming, among others, as well with their 'ban' on "effeminate men"[2]
For the last 10 years it feels like almost every major American movie I've seen has been (co)produced by a Chinese group. It's definitely been clear where they're heading.
Of course China makes tons of movies (and I think people are well aware of the HK output) Here we are taking them at their own word from official organs of dissemination[1]. They want to eliminate foreign imports so they can control the actual narrative not just the figurative "narrative".
Bollywood and Nigeria as well. Those 2 countries have very thriving movie industries. They are lacking Korean slickness at the moment, but story-wise and cultural contents are quite refreshing. With Netflix seeding many aspiring directors with good plots, I think it will be great to see how competitive Chinese moviemakers are. I say the more the merrier even if some of those are heavy influenced by government propaganda (ahem....Fight Club China Director's cut)