An investment of 24.5 billion yuan has been approved for the first phase of the Shanghai Disneyland project, said Han Zheng, Shanghai's mayor and a deputy of the National People's Congress, on March 6 during the annual session of the NPC.

"I hope that the Shanghai Disneyland project can start as soon as possible. Currently, the preliminary work is under way. I have read some inaccurate media reports on the project investment. Therefore, I want to clarify here that the total investment of the approved first-phase project stands at 24.5 billion yuan," Han said.

The contract of the Shanghai Disneyland project was signed in Shanghai in November 2010. This is the first Disneyland on the Chinese mainland and the sixth worldwide. The first phase of the project will be completed and open to the public during the 12th Five-Year Plan period (2011-2015).