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Iron Man 3 will build on "its compelling storyline" as it is co-produced between Hollywood and China.

Walt Disney Co. China, Marvel Studios and DMG Entertainment have signed a deal to produce the latest installment in the multi-billion dollar superhero franchise.

DMG Entertainment is investing in the film, managing the Chinese co-production process, and jointly producing the film in China.

Marvel Studios general manager of operations and finance, Rob Steffens, says taking the film to China would take the series to the next level.

"...and adding a local flavor, and working with our new local partner, will enhance the appeal and relevance of our characters in China's fast-growing film marketplace," he said, according to Variety.

"The movie will further build upon its compelling storyline, and feature the hottest A-list stars, and spectacular action, which will resonate well both globally and in China, the second largest box-office market in the world," added DMG CEO Dan Mintz.

The third film sees Robert Downey Jr. reprise his role as Iron Man alongside stars Gwyneth Paltrow, Don Cheadle and Ben Kingsley.

The co-production of the movie in China and Hollywood is the biggest milestone since China decided to allow in more foreign films. The country has increased the quota of revenue-sharing foreign films from 20 per year to 34.

The movie is set to be released worldwide in May next year.

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