As a kid, I remember watching this movie on VHS, and it had an oriental girl in it, who had these magical golden rings on her hands (or ankles?) which where somehow magical, if I remember correctly. There was a scene with a dragon, and an underwater scene in it. The movie was animated, and not too badly if I remember correctly. I have been searching around for this movie in Google for an hour now, and I can't find it anywhere. Please help me, this movie from my childhood is now haunting me and I need to watch it. Thanks!

Fiery wheels, and red sash
Sounds like the child warrior, Nezha
http://www.cinaoggi.it/cinema/jpgs/nezha0004.jpg
Nezha Defeats the Dragon King (79)
(a.k.a. Nezha Nao Hai)
(a.k.a. Le Prince Nezha)
Nezha was a little boy not a girl though. Many others remember the character as a girl too.
Must be the skirt,. and the pig-tails, and the rosey cheeks,. and ribbons in his hair...
Anyway he's a prince, not a princess.
The hero of the story was a child warrior with supernatural powers. He was destined to confront, then defeat evil dragons that threatened ancient China. The evil entities understood the child was a threat to them, and demanded a sacrifice. The child sacrificed himself, but then the hero returned stronger than before. Prince Nezha then waged the final battle with the forces of evil in the depths of the ocean.