Wudang pharma companies receive financial support

Southwestern Guizhou province recently established an investment fund of 49.2 million yuan ($7.14 million) to revitalize its pharmaceuticals industry -- with eight companies in Guiyang city's Wudang district benefitting from the facility, according to local officials.

They said the funding will be provided to 40 projects, with the first batch of eight Wudang businesses receiving financial support of 10 million yuan.

Officials said government departments at all levels should strengthen the management and supervision of the fund to avoid the financial support being diverted for any reason from the intended recipients.

Meanwhile, companies receiving the funds should follow correct project construction procedures and requirements to guarantee project quality, officials added.

When complete, each project will be checked by the responsible authorities.

Wang Jin contributed to this story.