Universal Beijing Resort, a 40 billion yuan ($5.75 billion) joint venture between Chinese and US companies, celebrated its first anniversary on Tuesday, in the process showing the consumption power of the Chinese has not waned despite COVID-19, experts said.

"Over the past year, we have created amazing stories with our guests," said Joe Hoskin, executive vice-president and general manager of the resort, at a ceremony to mark the anniversary.

"Meanwhile, we've seen rising demand from Chinese consumers for high-quality and immersive entertainment experiences－just like the kind we create for our guests, which greatly increased our confidence in the future of UBR."

He attributed UBR's initial success to government support and consumer enthusiasm.

According to the resort, over 13.8 million guests watched more than 68,000 shows and performances, equivalent of 14,000 hours, since its grand opening on Sept 20 last year.