Shanghai is poised to cash in on the "happiness economy "as it undergoes a surge in construction of new theme parks and upgrades existing ones, tourism and industry experts said.

Already the theme park capital of China, Shanghai has seen the opening this summer of the country's first Legoland, to be followed by a slew of other major projects including the world's biggest Peppa Pig theme park, which is slated to launch in 2027.

"Driven by the varied supply and strong consumption, as well as its good business environment, theme parks in Shanghai and China can unlock an enormous theme park economy," said Dai Bin, president of the China Tourism Academy.

While it usually costs billions of yuan or more to build a theme park, owners can recoup those costs through annual consumption, with thousands of jobs created and a boost given to the entire supply chain, he said.

"I believe Shanghai is poised to become a new cultural and creative hub, a focal point for theme parks, and a landmark region for cultural and tourism development," Dai said.