China approves Disney theme park

Tuesday the New York TImes reported that the construction of a new Disney theme park has been approved in Shanghai.

The L.A. times reported the approval was a, "major milestone in the more than decade-long effort by Walt Disney Co. to dramatically expand its reach into China."

The New York Times disputes this number, noting the bid was nearly two decades long.

The park, which is to be Disney's fourth outside the United States will cost$3.59-billion park and open as early as 2014.

The L.A. Times noted the importance of China as a location for Disney: "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 Co. in mainland China," Disney Chief Executive Robert Iger said in a statement."

Not to mention the park would give access to 300 million people who live in the area and more who would travel to see the park itself.

The park is to hold a mix of shopping areas, hotels and a Magic Kingdom-style theme park, and will stretch across 1,000 acres of the city’s Pudong district — with the theme park occupying about 100 of those acres. It would be a little bigger than Disneyland in Anaheim, Calif., and on par with the parks in Paris and Tokyo.

Both reports note that the plans must now be approved by the government, which could be an even longer battle and bigger feat.