China's conquest of Hollywood is exaggerated. These plans won't affect every Hollywood movie, just the major studio blockbuster action films.
I say it's exaggerated because of the fact that there are a lot of genres (comedies, many animated films, American based Indie films, films with predominately Black casts, historical biopics) that won't be affected by the Chinese at all.
We may see the next Jurassic Park film being geared towards the Chinese market somehow, but we will not see the next Judd Apatow movie or Dumb and Dumber To do that.