Odd Couple: China Meets Hollywood

China and Hollywood are gearing up to make more films together. Hollywood wants access to a rapidly growing foreign market, while China wants Hollywood's help to duplicate the success of big-budget U.S. films.

Walt Disney Co. and China's DMG Entertainment said they agreed to co-produce the next "Iron Man" film in China. Other major U.S. studios have announced Chinese joint ventures or co-productions in recent months. But challenges lie ahead. While the Chinese government has taken key steps recently to lure foreign filmmakers, it still maintains a tight grip over who participates in its film industry and what they are allowed to make.