Domestic is still a factor,but we have a reached a point where films can and do bomb domestically and it doesn't even matter.China matters to an extent, but the studio profit share is bigger in the US. Don't get to control the bread, don't get to control the theaters in China. Studios make deals, but they have to attach partners as well as losing some creative control. You also have people like Wanda openly campaigning against certain studios. A franchise like Fast and the Furious can make it because they make a huge amount compared to the domestic share, but it has to be big like that to be lucrative enough. Doesn't matter how many people they have, if you are making an ever shrinking or even unpredictable share it doesn't matter. Yes, China can get you a sequel, but it takes a much larger take. WW has made more than enough money domestically. Suprised it had staggered international launch like Force Awakens did.
It's the norm now that films make more gross worldwide than domestic. That wasn't the case 10-15 years ago.
In 10 years time we are going to see the majority of films making 70-90% percent of their gross worldwide.
It's why studios are fighting for better rates in places like China, because they're becoming dependant on it.
And it's why China is testing the waters with films like the great Wall,because they know they got the juice now and can start creating content that isn't just local.