Li stars in The Warlords, budgeted at 300 million yuan ($40 million), alongside Andy Lau, Takeshi Kaneshiro and Xu Jinglei.
The previous salary record of 70 million yuan ($9.1 million) was also held by Li, which he was paid for 2002 movie Hero.
The Warlords director Peter Chan says, "Without Jet Li, we would not dare to invest $40 million in a Chinese-language film."
The Warlords will be released in Asia next month.
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