China and the U.S. will jointly produce the next film in the Iron Man franchise, China's DMG Entertainment and the Walt Disney Company, the film's co-producers, announced at a Monday press conference.

Dan Mintz, CEO of DMG Entertainment, said the film will mark the first time for China and Hollywood to co-produce a feature with an investment greater than $1 billion.

The Iron Man films have seen great success around the world and both countries hope the film will set new records, Mintz said.

Han Sanping, chairman of the China Film Group Corp., said cooperation between China and the U.S. will play an important role in the development of the global film industry.

"Iron Man 3 will bring Chinese elements to the international film market and Chinese culture will be better presented to the world," Han said.

(Xinhua News Agency April 16, 2012)