Qiantang district in Hangzhou, East China's Zhejiang province has created a favorable environment for the development of bio-pharmaceutical companies, according to Shen Yanjun, deputy Party secretary of Qiantang.

A full bio-pharmaceutical industrial chain integrating preclinical study, clinical test, industrialization, and marketing has taken shape in Qiantang.

The district has established 29 innovation platforms, including the Institute of Basic Medicine and Cancer affiliated to the Chinese Academy of Sciences, 11 academician (expert) centers, and 20 postdoctor centers.

Qiantang has established bio-pharmaceutical industrial parks covering an area of over 1 million square meters and will build an additional 1.2 million square meters of such industrial parks over the following three years.

The district has released preferential policies and established workstations in European countries, the United States and Japan to attract high-profile professionals. To date, nearly 740 high-end overseas talents have moved to work in the district.

Qiantang sets aside no less than 20 percent of its fiscal expenditure every year to support the bio-pharmaceutical industry. It has also established a mother fund worth 5 billion yuan ($772.89 million) and a direct investment fund worth 1 billion yuan.

By cooperating with social investment institutions, Qiantang has also established 13 baby funds worth 5.22 billion yuan for bio-pharmaceutical industry.

These funds have invested 3.17 billion yuan in 133 projects.

Statistics show that in 2020, the annual operation revenue of bio-pharmaceutical companies in Qiantang reached 40 billion yuan and the district housed more than 1,500 bio-pharmaceutical companies, including seven top 10 pharmaceutical companies in the world.