The video above was produced by the Shenzhen branch of the Institute of Digital Media Technology (IDMT), which is associated with the Global Digital Creations (GDC). The GDC/IDMT group is located in Shenezhen, Shanghai, Hong Kong and Singapore. The Shenzhen base is a production house as well as school; the Shanghai base is primarily a school; and the Hong Kong & Singapore are for marketing and operations.
Both the websites for the Shanghai and Shenzhen centers feature demo animations but the Shenzhen site is the only one that carries work with a distinctively Chinese style.
Backtracking to the video above, the questions are: what is lost in the transfer from 2D to 3D, can the style scale to a film (a tv commercial it can surely do), and how long will it take before someone tries doing so?
Original video found over at One Inch Punch.
P.S. 2D animations of traditional paintings have been done in the past, I have a set of DVDs called 中国水墨动画 with a bunch in there -- interesting, but it didn't hold my attention beyond five minutes.