A healthcare industry park with investment totaling 3.85 billion yuan ($556 million) started construction on June 12 in Weifang Hi-Tech Industrial Development Zone in Shandong province.

The park is jointly invested by JOFO Group, a high-tech non-woven material producer from Guangdong province, and the cosmetics giant Procter & Gamble Company. It is estimated that the annual output value will reach 30 billion yuan after the park is put into operation.

Liu Jianguo, vice mayor of Weifang, said that the healthcare industry is one of the five emerging industries in Weifang to boost new economic growth drivers, which have broad market prospects and huge development potential.

He said that JOFO, P&G, and other well-known international enterprises will industrialize their latest research achievements at the park, as well as cultivate a complete industrial chain, which will greatly increase the city's competitiveness in the healthcare industry.

Liu added that the Weifang government will give full support and provide one-stop service to the project construction, as well as enterprise introduction and settlement.

The park is one of Weifang's key projects to promote high-quality development and its efforts to replace old economic growth drivers with new ones.

More than 20 upstream and downstream healthcare enterprises will settle in the park covering smart manufacturing, automatic warehousing logistics, and e-commerce platforms.

The groundbreaking ceremony for the healthcare industry park is held on June 12 in Weifang Hi-Tech Industrial Development Zone in Shandong province. [Photo/iqilu.com]

Officials and enterprise representatives pose for a group photo at the groundbreaking ceremony on June 12 in Weifang in Shandong province. [Photo/iqilu.com]