China's southwestern Guizhou province plans to invest 524.8 billion yuan ($76.3 billion) in supporting 320 health projects by 2018, a latest endeavor to further boost the healthcare industry, said a local government official.
The output of the healthcare sector in the province is projected to reach 400 billion yuan in 2020, accounting for 10 percent of the province's GDP, according to Zhang Ping, deputy director of the Guizhou Provincial Development and Reform Commission.
Zhang said: "Guizhou is suitable for growing herbs, plants and trees used in traditional Chinese medicine or TCM. They provide a foundation for health-related businesses."
Some 5.47 million mu (364,666 hectares) in Guizhou are under cultivation that help produce 1.81 million metric tons of herbal medicine annually. This has been attracting the attention of pharmaceutical enterprises, Zhang said.
For instance, Changchun-based Xiuzheng Pharmaceutical Group is planning to invest 1 billion yuan in its Guizhou unit over the next five years, said Xiu Laigui, its president. It aims to build an industry supply chain covering medicine, logistics, food and healthcare products.
"Thanks to good natural environment, the place can grow high-quality herbs. Big data infrastructure here also supports the health industry," Xiu said.
Huang Qianjuan, president of Guizhou Qianlong Biopharmaceutical Co Ltd, a high-tech medical company, said she found the southwestern province offered many opportunities for her startup. "We prefer Guizhou for its good geographical location and good environment for startups... When a new high-speed train is unveiled, it will be easier for us to collect more pathology data for analysis," Huang said.