The political economy and culture of Chinese cinema during the era of China’s prolonged economic reform has not until now been examined in detail. Ying Zhu’s new and comprehensive study examines the institutional as well as the stylistic transitions of Chinese cinema from pedagogy to art to commerce, focusing on the key film reform measures as well as the metamorphosis of Chinese Fifth Generation films from art film narration-as in Chen Kaige’s 1984 Yellow Earth-to post-New-Wave classical film narration-as in the same director’s 1993 Farewell, My Concubine. Zhu’s work reconciles the stylistic, cultural, and economic dimensions of the nation’s cinematic output, also providing the first systematic institutional analysis of an industry in a state of constant flux.