The festival saw many industry insiders, film scholars and critics discuss the future of Chinese action movies, which are among the most popular Chinese cultural exports in the modern world.

"Action is one of the most influential genres in the history of Chinese cinema. Superstars such as Bruce Lee and Chan have made 'kung fu' a buzzword across the world," says Li Wei, president of 1905.com, the site of China Central Television's movie channel and a major sponsor of the film festival.

The highest-grossing Chinese films in North America are still martial arts titles, such as Ang Lee's Crouching Tiger, Hidden Dragon (2000), Zhang Yimou's Hero (2002) and Fearless (2006), starring Jet Li.

Still, the genre has struggled in recent years and needs better storytelling for today's audience, says Yin Hong, a professor of Tsinghua University.