Is China "hijacking" Hollywood?

Live TV panel discussion with CNN News18 of India on 19 March, 2021

Or is it due to China’s millennials, Generation Z leading nation away from Hollywood films, American culture, US brands, thanks to rising consciousness of nationalism and individuality, according to an article of 20 March, 2021 in the South China Morning Post. China' mirror image of "Captain America" and other icons of American heroes come to mind.