A joint venture between DreamWorks Animation (DWA), producer of the Hollywood blockbuster "Kung Fu Panda," and its Chinese partners is scheduled to release its first animated film in 2016, the head of the U.S. studio said Tuesday, March 20.

Oriental DreamWorks' first production will be 3-D-based and feature Chinese elements, Jeffrey Katzenberg, CEO of DWA said on the sidelines of his two-day visit to the Shanghai-based joint venture.

Katzenberg said there are seven proposals competing for the production.

"It's a little early to be able to say which one of those seven will be our first film, but they're all inspired by, and based on, subjects that are known and familiar and unique to China," Katzenberg said.

“Ultimately, Oriental DreamWorks will become a landmark entertainment center in Shanghai, combining live entertainment, retail space, cinemas and theaters, just like Broadway in New York and Hollywood in Los Angeles,” Katzenberg said.

"We want to create uniquely for Shanghai. It should be a central place of Shanghai and it doesn't really exist to date," he said.

The partnership was announced a month ago during Chinese Vice President Xi Jinping's visit to the U.S. The Chinese partners are three state-owned, Shanghai-based groups, China Media Capital, Shanghai Media Group and Shanghai Alliance Investment Limited, chinesefilms.cn reported.