I found an article, Hollywood Tries to Curb China's Movie Piracy, about an effort by 2 of the major movie studios to offer low-priced DVDs legally in China. While creating a legitimate market is crucial, it will be very difficult to compete pricewise with pirate DVD sellers who have next to none of the costs that legitimate film companies have to incur.
The article also mentions that "film piracy in China is believed to have cost American studios US $244 million and Chinese studios US $2.4 billion in lost potential box office revenues in China in 2005." While these figures are merely estimates, if they're anywhere remotely close to accurate, it does show that the biggest loser is the Chinese film industry rather than Hollywood which I think is believable since most Chinese people prefer Chinese movies due, among other things, to the language difference.
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