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Disney Chief Bob Iger Elected Vice-Chair of the U.S.-China Business Council

Walt Disney Company Chairman Bob Iger has been elected vice-chair of the U.S.-China Business Council, the non-profit trade group said Thursday.

In addition, the group elected DuPont Chairwoman and CEO Ellen Kullman to be its chair and rounded out its board with top executives from Fortune 500 companies like Pfizer, DuPont and Ford.

Kullman succeeds Bob McDonald, the former chairman and CEO of Procter & Gamble as USCBC chair.

Iger's election is an indication of the growing importance of China to the entertainment business.

Last year, China surpassed Japan to become the largest international source of box office revenue, contributing $2.7 billion in total. That was a 36 percent jump from the previous year and some analysts project the country will surpass the United States as the biggest film market by 2020.

With 1.3 billion people, China is the most populous nation in the world, but its strict tariffs have limited Hollywood's ability to access its citizens. That has changed somewhat.

Last year, the Chinese government agreed to loosen restrictions on the number of foreign films that can be shown in its theaters and allowing U.S. distributors to export more IMAX and 3D films to its theaters.