Rashomon is Japanese, not Chinese, and reflects a lot of the traditional storytelling of the country. I also think it is a tad dry at times, and I'm glad I'm not the only person who found the laughing irritating.
However, it's at least a historically important film, for its influence on alternative structuring of a film as well as certain camera techniques (for instance, in the very beginning, the camera points straight up at the sky, showing the sun flickering through the leaves. Francis Ford Coppola has used the same kind of shot in his movies, including Apocalypse Now). Tarantino's films are some that draw a lot from Rashomon, as well as Jim Jarmusch's.