Wuxia is a genre of Adventure-Fantasy from the traditions of ancient Chinese theater, dating back thousands of years ago. Even so, it is very much alive today in filmmaking; in the West, we may see Wuxia films described as "Foreign Films", "Martial Arts Films", or possibly "Martial Arts Fantasy". The latermost would be the most correct, as the defining precept is an adventure story in which the characters attain fighting skills so honed that they appear supernatural. Most distinctively, dueling warriors leap into the air as if weightless!
Wuxia is not a part of any fettish-"subculture movement" that I know of, like Steampunk and Cyberpunk are, but it is still one of my personal favorite genres.