Disney Gets Approval for Shanghai theme park

China's planning agency has approved the Walt Disney Company's proposal to build a theme park in the bustling city of Shanghai.

The Magic Kingdom-style theme park, that will be tailored with details specific to China, is to be located in Shanghai's eastern Pudong district, close to the city's international airport.

As Disney President and Chief Executive Robert A. Iger states "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."

The Shanghai city government confirmed the approval by China's National Development and Reform Commission. City officials in Shanghai are forecasting a boom in tourism and job creation thanks to the theme park project â an initiative Disney has been pursuing for about a decade.

The company already employs hundreds of Chinese staffers at its offices in Shanghai, Beijing and Guangzhou and opened a theme park in Hong Kong in 2005.

While the Hong Kong park has suffered from disappointing attendance since its opening, officials there downplay any competition with the prospective new facility in Shanghai.

"Our country has 1.3 billion people (and) we can see that our country's economic development has created a very big market. It can easily accommodate two Disneylands," Rita Lau, Hong Kong's Secretary for Commerce and Economic Development, told reporters on Wednesday.

With the approvals in hand, Disney can now begin work on the preliminary development work, including the assigning of construction and operation.

The park is expected to open in 2014.

Image: The Enchanted Castle at Tokyo Disneyland.

27th January 2009 - DISNEY PLANS SHANGHAI THEME PARK