'It is obviously a positive move for Shanghai to gain another major attraction like this,' said Dong Ming , director of Shanghai Jinjiang Travel Service International, one of the city's biggest tour operators.

'Disney will definitely bring more people to Shanghai, and not just domestic tourists, but it will also draw people from other parts of Asia.

'A project as important as this will raise the overall status of Shanghai as a holiday destination.'

Dong added: 'The benefits to Shanghai will not be limited to just tourism. This will also have a positive impact on the transport infrastructure and the real estate market.'

The theme park's proposed site is on the southeast corner of the city's outer ring road, just off the motorway leading to the international airport.

Shanghai is already progressing with a plan to establish itself as a major transport hub for the region. A massive extension of the city's domestic airport, Hongqiao, is due to open in March. The new terminal is to include an integrated rail station linked into the metro system and long-distance, high-speed train network.

The plans hinge on the two airports working in conjunction to handle large numbers of domestic travellers heading overseas, and vice versa.

The Disney park's proximity to Pudong Airport is likely to increase the attractiveness of stopover visits from the projected through traffic.

Professor Yin Kunhua, of Shanghai University of Finance and Economics, said the project would undoubtedly boost property prices in the city.

'I'm glad that it has finally been approved,' he said. 'It is difficult to say what the exact impact will be, but this can only be good news for Shanghai.'

He said developers were likely to have plans for resort and hotel complexes in the surrounding district, as well as some luxury residential projects.

'There has already been lively bidding [on nearby plots],' he said. 'This is a very convenient location, which is well served by transport links. It can be popular with both Shanghai locals and investors from outside the city, and could well develop into an important development zone.'

But concerns have been raised about the project's financial prospects, particularly in light of Hong Kong Disneyland's failure to meet attendance projections.

Dong, from Jinjiang Travel, said there was no guarantee the Shanghai park would turn a profit, but said the municipal government still had several years to learn from the Hong Kong experience.

'You cannot really compare the Shanghai and Hong Kong Disney parks directly. The two markets are very different. I think some of the problems the Hong Kong park faced when it first opened were partly due to its geographical location, its relatively small size and the fact that they had not clearly identified what market they were targeting.'

By contrast, the Shanghai park's core market was easy to identify.

'Although it is now very easy for mainland tourists to visit Hong Kong, the advantage of Shanghai is that domestic visitors will have a much lower outlay,' he said. 'Not only is Shanghai's own population much larger than Hong Kong's, there are many neighbouring cities within easy reach. There's no need to travel by plane, they can come by car or travel by high-speed train so it can be reached as a day trip.'