State media report a signing ceremony for the joint venture took place Sunday at the New York headquarters of Comcast NBCUniversal, which owns Universal Studios Hollywood.
Universal Parks & Resorts, a Comcast unit, is partnering with Beijing Shouhuan Cultural Tourism Investment Co. Ltd., to invest in and operate the project.
The park, an entertainment complex and the first-ever Universal-branded hotel will occupy a 300-acre site.
China's Cabinet and national economic planning agency approved the theme park project -- 13 years in the making -- in September last year.
It will be Universal's third theme park in Asia, after Singapore and Osaka, Japan.
Investment in the project is reportedly more than $8 billion, including the expansion of a subway line.
As U.S. and European amusement parks see flattening or declining attendance, entertainment companies are betting on China to drive expansion.