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Hollywood is into one of its biggest markets – China. The animation studio DreamWorks, jointly owned by Steven Spielberg, has up with some of China’s biggest media companies to open a studio in China. The of KungFu Panda, Shrek and Madagascar say the agreement is an important one for getting their movies to China’s huge population. China’s -president Xi Jinping will travel to Hollywood later this week to the deal between DreamWorks and the Shanghai Media Group and China Media Capital. The new venture, to be called Oriental Dreamworks, will produce movies, television shows and theatre productions for the fast-growing Chinese .

Dreamworks co- and Chief Executive Jeffrey Katzenberg said: "Our goal is, for five or 10 years from now, to have the family-branded entertainment company in China….It's a significant opportunity for us. The company hopes to on the success of its movie "Kung Fu Panda 2". This is the highest-grossing animated movie in China with of around $100 million. Executives believe now is an time to move into China. The movie industry is and three new screens in movie theatres are opening at a of three a day. China is expected to be the world’s biggest cinema market the next .