li bing bing has been described as china's angelina jolie. it feels as if the movie industry here in china is getting more and more like hollywood. >> li bing bing: the-- the speed of the development, you can't imagine, even for us. >> williams: it's changing so quickly. you... >> williams: and... >> bing: ...even you don't even react, it's already changed. >> williams: and transformed into a multibillion-dollar industry. chinese studios produce over 600 features a year: action movies, science fiction, thrillers. behind them is a group of pioneering movie moguls, like dennis wang. he once worked as a chinese food now chairman of the huayi bros, one of the largest studios in the country. the movie business has made him a billionaire, a capitalist with chinese characteristics. last year he spent $30 million on a picasso, which he keeps in his pocket and in one of his other homes. so that's the picasso. and you bought it from the goldwyn family, who owned the mgm studios in hollywood? so it's not so much of the torch as a passing of the picasso.