Chinese directors take on Hollywood

In Hollywood now, an influx of Chinese movie directors are taking on some of the best in the industry. China's box office revenue is forecast to reach 5 billion dollars by 2015.

Named one of the 50 most powerful women in Hollywood, Janet Yang is a force to be reckoned with.

For over 2 decades she's worked with top director's like Steven Spielberg, and produced critically-acclaimed films like the Joy Luck Club.

Janet Yang said, "The first film I worked on was the movie with Steven Spielberg, Empire of The Sun. We shot it in Shanghai 25 years ago. So China and film have been completely entwined in my life."

But for this self-proclaimed cultural ambassador what began as a dream - to bridge Hollywood and China, East and West - today is a reality.

Everything has changed, including the balance of power, says Yang. Experts say China, the world's fastest growing film market, will soon be the world's largest movie market.

Stanley Rosen, Professor of Film and Politics at USC, said, "Depending on how you project the growth rate, 25-35% a year, there's no question that in terms of revenue and box office that China will surpass North America."

Something not lost on Hollywood studios which earned huge profits in China, dominating its box office this year with movies like The Avengers and The Dark Knight Rises.

But while domestic movies may be down, they're certainly not out. A domestically-produced comedy called "Lost In Thailand", which grossed $160 million was China's top film in 2012.

Janet Yang said, "They are equally drawn to films that are big, spectactular effects-driven movie. But they also love good human interest movies."

Yang says movies like Lost in Thailand provide Hollywood studios a window into the contrast that is Chinese Culture today:

"It's the city slicker, the person taking the world by storm, and then the simple kind-hearted Chinese that still has a lot of traditional values," said Janet Yang.

Chinese values - perhaps Hollywood studios should take note especially with a film-market poised to reach the $5 billion mark in just 2 years.