Wasted opportunity
The sad thing about this movie is that it could have been really good.
I read somewhere that John Carpenter was originally supposed to direct, he would have done an infinately better job than Michael Ritchie (check out Big Trouble in Little China, for example). Nothing against Ritchie or his work per se, but his direction is all wrong and he obviously has no real idea of how to handle the material. For most of the time the film feels and looks like a cheap "Beverly Hills Cop" knockoff. There's no suspense, no sense of any urgency or wonder and even when some action is thrown in it's let down by the flat direction. Actually, there's a couple of directors who could have handled this better, Robert Zemeckis, Joe Dante , Ivan Reitman, John Landis, to name just a few.
The music score is another problem. Not that it's a synthesised rock score, that can work (again see "Big Trouble"), just that it's so cheesy and at odds with the type of film they are supposedly trying to make.
Eddie Murphy is actually quite well cast here, and his charisma and wit go a long way towards making the film more watchable than it deserves to be, but he needed to add a smidgen of seriousness as well. If he dosen't care about his mission, then why should the audience? Again, the two can be balanced, look at Bill Murray's performance in "Ghostbusters".
The Tibet detour is a complete distraction (yes, I know it's essential to the plot, the script would need a major rewrite to be any good), and the last act is so lackluster you authentically wonder why anyone bothered.
However, the dancing pepsi can scene, Chandler's dream sequence and the scene where Charles Dance communicates with the devil all work really well and give a glimpse of what this movie could have been.
Different director, different script, a big special effects budget, a different music score. "The Golden Child" would need all of those to be anywhere near good.