Walt Disney's chief executive hailed China's 'incredible potential.'

Speaking during this week's opening of Shanghai Disneyland, Bob Iger said the brand gives the entertainment monolith a chance to boost its image in the world's biggest film market.

"China apparently represents the incredible potential for Walt Disney," said Iger. He added that they have been exploring many ways of approaching growth in China.

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Speaking amidst a light rain, China's Vice Premier Wang Yang jokingly compared the rain to "U.S dollars or renmimbi," the Chinese currency.The theme park is created to be "authentically Disney" but also "distinctly Chinese."

The 5.5 billion project is Disney's attempt to revive its floundering international theme park business. They do not expect to have a smooth ride, however. China's young entertainment ventures and official controls and censorship are some of the expected hurdles.

The company will also have to work to convince skeptics who are wary of American values overriding local culture.

Shanghai Disneyland is tipped to become the world's most-visited theme park. Analysts are projecting it to attract at least 50 million visitors a year, compared to about 19.3million who visited the company's flagship Walt Disney World in Orlando, Florida, in 2014.

The company has already started expanding the Shanghai site to accommodate the big numbers. Iger says they have more than enough space and enthusiastic partners to do that.

Disney is one of the many companies rushing to cash in on China's rapidly growing middle class.

Tagschina, US-China relations, business news, Entertainment, Disney