That's right, good morning, Synsia. You know the events were very festive and colourful, but it's a very complex deal that was launched this morning. Ten long years in the making. The Wall Street Journal says it will likely end up being the largest direct foreign investment ever made in mainland China. It involves hotels, shops and of course at its core, a magic kingdom-style theme park. 

 

Thank you. Nihao, Good morning. 

 

With the Chinese greeting and Mickey Mouse in crew dressed in mandarin costumes. Disney launched an ambitious new partnership in China this morning. The crowd ranged from the head of Chinese Communist Party to villagers who lined the roads, cheering the earth movers, breaking ground on the $3.7 billion theme park. 

 

China is one of the most dynamic markets in the world, most populous country in the world. Shanghai, probably one of the most dynamic cities in the world. 

 

Since revolutionizing the industry with Disneyland back in 1955, Disney has gone global from France to Japan, now mainland China. 

 

Disney was born in America, but it's been a global company now for over half a century. Disneyland China is going to be uniquely Disney. There will be things about it that are familiar to people who have visited our other parks around the world. But a lots will be very specific to China. 

 

Like most international businesses, Disney is eager to enter the 1.3 billion strong Chinese consumer market. It's a strategy that involves movie distribution, merchandizing, even Disney-branded English language schools. 

 

All of the media companies have tried to enter into China. None have been all that successful. If Disney could get a 24-hour cable channel in China. That would be huge. 

 

And speaking of huge, the Shanghai Disney castle is slated to be the biggest of all. Disney's CEO Bob Iger was asked what he wanna the Chinese people to think when they first see it.

 

We want them to say, "Wow, look at that big castle."

 

And it will be and the mayor of Shanghai says this morning that the Disney theme park will help raise Shanghai's international profile and make it a world famous tourist destination.