China can't save film simply because they've basically skipped from not having a camera to cameras in cell phones. Why bother with a film camera when you already have a camera in your cell phone, and its quality is good enough for you? So they aren't buying a lot of digital cameras, either.
Kodak tried investing in Chinese film production, and then dropped it altogether and wrote it off the books.
(Personally, there's no point to sitting tight and waiting it out. Time to go shoot film!)