Industry players agree that the organizers' plan to hit the big time in three to five years is possible. Xu Fan reports.

The rapidly expanding Chinese market for movies has drawn increasing attention from around the world. The ongoing 5th Beijing International Film Festival, one of the country's major film events, has drawn a record number of participating stars, some 300 at the opening ceremony in northern Beijing last Thursday night, and hundreds of world-renowned filmmakers at the following meetings. There is also a long list of celebrities.

The event, which runs through Thursday, had a lift-off when Hollywood action star and former California governor Arnold Schwarzenegger gave warm hugs and handshakes to the screaming fans alongside the red carpet.