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The new firm which will see an initial investment of $1 million by both the firms will also open a training academy in screenplay writing, directing and producing.
Seven Stars is a private media group in China and its founder and chairman Bruno Wu is a leading Chinese media entrepreneur.
According to PriceWaterhouseCoopers, the Chinese film and television market is forecast to double to $7.3 billion by 2016.
Pinewood has been looking for a local Chinese partner to expand presence in the region.
The venture partnership with Bruno Wu’s Seven Stars company will be called Song Lin.
British prime minister David Cameron was quoted by local British media as welcoming the news.
“Pinewood is leading the way, taking advantage of China’s thriving entertainment and media sector and building on Britain and China’s growing trade relationship,” Cameron said.