With its sights set on a potential market of 1.3 billion people, Disney has received government approval to open a theme park in Shanghai, China.

Disney already has a theme park in Hong Kong, but the region is still not easily accessible for mainland Chinese tourists.

It’s a huge investment,” says Shaun Rein, managing director of China Market Research Group in Shanghai. “By allowing this now it gives face to Obama and really shows that China and the U.S. need to work together to get out of this financial malaise.”