Wudang district in Guiyang, the capital city of Southwest China's Guizhou province, signed a cooperation agreement with Zhongnan Group on March 20 to jointly build a traditional Chinese medicine (TCM) and medical equipment industrial park in the district.
With an investment of 50 billion yuan ($7.65 billion), the industrial park will cover an area of 30 square kilometers and construction of the project will take a decade.
Zhongnan Group, established in 1988, is primarily engaged in real estate, construction and other industries. It is a leading private company in China.
According to the agreement, Zhongnan Group will introduce internal and external superior brands and industrial resources to build an eco-health industrial city featuring the TCM industry. The industrial park will include manufacturing areas, production service areas, healthcare tourism areas, living areas and other functional sections.
Focusing on the development of industries such as TCM, medical equipment, healthcare tourism, cultural tourism, education and medical care, the industrial park aims to boost the intensive development of the TCM and medical equipment sectors.
The two sides agreed to complete the construction of the first phase of the industrial park and put it into operation within three to five years. They will build the area into a nationally well-known 10-billion-yuan-level TCM and medical equipment industrial park in 10 years, developing a highland of the health industry.
It is also part of the city's efforts to promote new-type industrialization, urbanization, agricultural modernization and tourism industrialization, according to local authorities.