The 54-minute film, said to be inspired by the arrest of Huawei chief financial officer Meng Wanzhou in Toronto last December, is about a fictional company named Hua Xing and woven around real-life events.
Bannon is the executive director of the film which has been made by New Tang Dynasty Television, a broadcaster based in New York and founded by Falun Gong practitioners.
A US release date has not been set yet but in an interview with the Epoch Times, a newspaper backed by the Falun Gong, Bannon said moves were on to release the film in other countries as well.
In a media release last month, Bannon said of the film: "Claws of the Red Dragon is a seminal and timely work exposing the inner workings of the CCP (Chinese Communist Party and Huawei.
"Run by a radical cadre of the CCP, China's Communism today is the greatest existential threat the West has ever faced.
"Huawei, the technology and telecommunications arm of the CCP and the People's Liberation Army, is the greatest national security threat we have ever faced, as it is already in the process of a global tech domination via 5G and 6G."
For more than two years, the US has been pushing countries it considers allies to avoid using equipment from Chinese companies, Huawei foremost, in 5G networks. But Washington has produced no proof to back up its claims that these products could be used to spy for China.
Australia imposed a ban on Huawei playing a role in its 5G networks in August last year while Japan has said it would do likewise.