Shanghai Secures Her Own Disney
The Chinese Cosmopolitan City Gets the Go-ahead to Build Disneyland
After spending a whole decade in pursuit of her Disneyland, Shanghai finally had it secured and sealed. Last weekend, Han Zheng, Shanghai's mayor, told reporters that the central government had issued the required approval for the Shanghai Disneyland joint venture. Now with this agreement sealed and announced, everybody has sighed their relief. But why Disneyland? Why is Mickey Mouse, the latest immortal in Shanghai's history, her perfect match? Or, is it?
The Shanghai Disney Theme Park Joint Venture
According to the announced agreement between Shanghai and Walt Disney Group, the American corporation will hold a 43% stake, while Shanghai Lujiazui Culture Development Co., Ltd. a joint venture holding company of the Shanghai Municipal Government, will hold a 57% stake. The joint venture involves the Lujiazui Group, Shanghai General Electronics Group, and the Shanghai Municipal Government. Shanghai Disneyland, with a budget of about 250 billion yuan, can be regarded as
Shanghai's largest joint venture project. China has her own strategic considerations for Shanghai, in the construction of four national strategic centers.
The Four National Strategic Center Concept
Since 1949, Shanghai has always been China's industrial city. Nonetheless, with the economic reform and China's rapid growth, Shanghai has also become the country's largest economic center. A third role of Shanghai is to be China's international financial center. The fourth hat tailor-made for Shanghai to wear is that of an international shipping center. In fact, the four centers concept promotes construction and development into an international metropolis. The introduction of the Disney theme park is one of the important pieces in the big gigsaw puzzle. Although Disneyland is only a single, large-scale investment project, introduction of the well-known American brand is expected to drive the quality of customer services of Shanghai, not only with Disneyland related services, but also within hotels and other customer services. Service sector accounts for a specific portion of a city's gross domestic product (GDP). This portion is often regarded as a measure of a cosmopolitan city. In New York, London and Hong Kong, this portion of GDP often accounts for up to seventy, or even eighty percent of the city's GDP. Last year, in Shanghai, this sector accounted for only 53.7% of the GDP of Shanghai. This
number shows that Shanghai still has a long way to go as a cosmopolitan city, and the Chinese government is hopeful that Disneyland could be one of the engines to help her get there.
The Timely Approval
The approval by the National Development and Reform Commission will allow Shanghai, China's biggest city, and Disney to work on the final details for the amusement park, to be located in the city's eastern Pudong district. '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 chief executive of The Walt Disney Company, said in a statement. The same statement disclosed that the initial phase of the project would include a 'Magic Kingdom-style theme
park with characteristics tailored to the Shanghai region.' Its amenities are to match those of other Disney resorts in the world. Disney has already a presence in China after opening a theme park in Hong Kong in 2005 and a few representative offices in Shanghai, Beijing and Guangzhou. The timing of the breakthrough is handy as it comes less than two weeks before US President Barack Obama's planned November 15-16 visit to Shanghai.
Shanghai By Night
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