The Walt Disney Company and Shanghai’s municipal government have completed negotiations on building the first Disneyland theme park in mainland China, and have submitted a joint proposal to the central government for approval, the South China Morning Post reported. Sources close to the negotiations said that the National Development and Reform Commission had "verbally approved" the proposal. The process to produce the proposal has taken decades of negotiations. The global economic downturn is credited for encouraging both sides to take more flexible stances in order to reach an accord. Disney wants a 43% stake in the park, leaving the rest to a municipal joint venture holding company. The park is expected to cost US$3.59 billion and could open by 2014. Disney’s profits from parks and resorts fell in the fourth quarter from the same period last year.