Disney coming to China

Leah Zanolla | Posted: Nov 4, 2009 | Updated: Oct 19, 2014 - 9:25:27 AM

According to the South China Morning Post, a $4 billion Disney theme park in Shanghai has been approved by the Chinese government.

Plans are now able to move forward in the deal between the Walt Disney Co. and China to build a Disney theme park in Shanghai. China's National Development and Reform Commission has approved Disney's plans for the park, which will be built in the fast-growing Pudong district of the city. Shanghai is mainland China's main economic center and is currently preparing for the World Expo, which will open May 1.

The park would be similar to the Magic Kingdom, but would have features unique to the Shanghai area, similar to the other Disney international parks.

"China is one of the most dynamic, exciting and important countries in the world, and this approval marks a very significant milestone for The Walt Disney Company in mainland China," Robert A. Iger, president and CEO of The Walt Disney Company, said in a statement.

Hong Kong Disney was opened in 2005 and Disney also has offices in Shanghai, Beijing, and Guangzhou.

This announcement comes at an interesting time, as President Barack Obama has a visit planned to China later this month.