As one of the essential components of the Grand Canal World Cultural Heritage Park, the comprehensive preservation project of the Grand Canal Hangzhou Iron and Steel Industrial Site has been included in the landmark project of the Grand Canal National Cultural Park. 

The project makes use of the original blast furnace, coke oven, silo, chimney and other industrial relics of the Hangzhou iron and steel factory to create a cultural landmark. On this basis, the site has retained the industry characteristics for further renovation, such as coking workshop, coal bunker.

The transformation and utilization of the industrial relic transfer station, the rivet welding workshop, the former staff dormitory, bathroom and other living rooms of the factory will linger on people's memories of Hangzhou Iron and Steel Co., Ltd. 

The silo will be transformed into a sky bar, and the gasholder will be the deepest indoor professional diving hall in Asia (27 meters). The blast furnace plot will set up an art and culture centre and other supporting facilities.

The project also includes a large lawn to form an open activity space, the Central Park. In the second half of 2021, some large-scale events such as the first Grand Canal International Music Festival will be held here. In the future, it will be a comprehensive venue integrating culture and sports activities, sightseeing, creative offices and featured exhibitions. It is also planed to hold the Grand Canal International Rowing Race, Industrial Marathon, Music Festival and other activities to gain popularity and build a future culture and sports centre.

Meanwhile, the Beijing-Hangzhou Grand Canal Museum is also under construction and is expected to be put into trial operation in 2024. Designed by Pritzker Architecture Prize-winner Herzog & de Meuron and inspired by the Grand Canal, the museum is suspended 13.5 meters above the ground, with a glass facade that reflects the canal's water and waves. Besides being a museum, it will also function as an international communication center.