Agreements for 30 projects with a combined investment of 8.53 billion yuan ($1.12 billion) were signed in Shaxi town of Taicang, a county-level city in East China's Jiangsu province, on Oct 18. 

Twenty-one of the projects are related to biomedicine. Four have received over 500 million yuan each in investment, while two have received more than 2 billion yuan each in investment.

The projects are expected to generate combined annual sales revenues of 8 billion yuan and pay 600 million yuan in taxes. 

Wang Xiangyuan, Party chief of Taicang, said that the Taicang Biomedical Industrial Park located in the town serves as a major base for bolstering the city’s biomedicine industry – a strategic pillar industry in Taicang. 

He added that Taicang's geographical location, modern transportation networks and strong infrastructure have created a conducive environment for developing the biomedicine industry.

The city is planning to establish 500 biomedicine enterprises by the end of 2025, which are expected to generate 50 billion yuan in annual output. 

The city has also implemented a series of measures such as launching an enterprise service center and a talent service center on Oct 12, as well as accelerating the construction of talent apartments, to optimize its business environment.