Hong Kong director Tsui Hark (right). Photo by Jiang Dong / China Daily

"We certainly want it to be," says Liang, "but authorities define a co-production as films that tell Chinese stories with leading Chinese actors, and more importantly, films that convey Chinese culture and enhance the country's soft power. For a film like Transformers 4, it is almost impossible. We all know it is about robots."

Paramount is not the only major Hollywood studio that is wooing the Chinese market.

Marvel Studios' Iron Man 3, which was not granted co-production status, will make a special version of the film for the Chinese market, featuring an appearance by popular actress Fan Bingbing, and bonus footage made exclusively for Chinese audiences.

The Chinese and global versions of the film will both feature veteran Chinese actor Wang Xueqi, who plays a new character called Dr Wu.

Wu is a friend to the protagonist Tony Stark in the film, which premiered in China on May 1.

"We are confident that our stories will continue to be enjoyed by Chinese audiences," says a statement from Marvel Studios' parent company The Walt Disney Company.

"And adding a local flavor will enhance the appeal and relevance of our characters in China's fast-growing film marketplace."