Sure, it's a rip-off of the 1984 flick of the same name - except that this kid isn't into karate; it's kung fu; how the erroneous name got tagged here is beyond me. Likely to draw on the original title, but it just ain't correct.
Yes, it's as formulaic as the original, but the exotic locations - back streets of Beijing, glorious mountains, even the Great Wall thrown in for good measure (they practice up & down it) - beautifully shot by Roger Pratt and backed by John Horner's appropriate musical scores from hip hop to big screen stuff, along with a talented cast (Chan shows remarkable restraint in this role while Will Smith's son, who has been studying the sport since he was three) is amazingly versatile. It all adds up to a fairly satisfying action flick.
Christopher Murphey's script (also lifted from the original) is unimpressive, but does what it's supposed to do, moving the action without much exposition while giving Chan key informative lines: "You're fast - not fast enough," "Your focus needs more focus," "You hit him, don't let him hit you," "You see only with your eyes, so you are easy to fool."