Ahead of the much anticipated opening of Shanghai Disney Resort, Disney's CEO Bob Iger said on Wednesday that Disneyland's launch offers "incredible potential" to boost the company's brand in the world's second-largest economy.  

"We've considered many ways to approach growth in China," Iger said. "Nothing is as impactful, nothing creates a connection to our stories, to our brands, to our characters, as a theme park experience."

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Iger added that Shanghai's Disney Resort has been designed as "distinctly Chinese" in order to connect with the Chinese people. One of the main attractions in this respect is "Garden of the Twelve Friends," which combines Disney's famous storytelling with Chinese zodiac elements.

Analysts are expecting Shanghai Disney Resort to become the world's most visited theme park, with the expectation that it will draw approximately 50 million visitors every year. The excitement for the theme park, which will open this Thursday, has already reach a fever pitch in China. The price of air tickets to Shanghai is expected to skyrocket during the opening week.

However, Shanghai Disney Resort will face stiff competition from China's home-grown players. Its most prominent rival is Wanda Group, which operates several theme parks across China. To compete with Disney, a few weeks ago Wanda opened its first outdoor theme park in Jiangxi province. Ticket prices for this outdoor theme park are much lower than prices for Disney, and the park is expected to attract its fair share of visitors.     

Wanda Group's founder Wang Jianlin has vowed to make life difficult for Disney's ambitious theme park. "We will make Disney's China venture unprofitable in the next 10 to 20 years," Jianlin said to a state-owned news channel last month.

Jianlin added that Disney's lack of understanding of local markets and consumers will prove to be a major hindrance in their business. Some Analysts also claim that Disney will face a major challenge in attracting visitors after initial excitement subsides.        

However, officials from Walt Disney have shrugged off these concerns and are confident about their success in China.

TagsShanghai Disney Resort, Bob Iger, Disneyland China, china