I hadn't heard anything about it, but I think its great. Having lived in China for a while, I would certainly agree that the movie needed updating. The China that people in the US think of, is not the real China that exists today. Maybe this new movie can help show people the "new" China.
Things over there were certainly way different from what I expected when I headed over. Shanghai especially is a large and bustling city that you could pick up and drop into any European country and have it fit it (except for the millions of people on bikes, of course). Heck, we had coffee at Starbuck's weekly and ate at McDonald's and Pizza Hut on a few occasions. Chinese college students walk around in NY Yankees t-shirts and ask how they can get accepted into a US MBA program. I must say, things are certainly changing in China.