Yantai holds a press conference to explain its goals to develop its medical and health industry on Aug 14. [Photo/dzwww.com]

Yantai will see rapid development in its medical and health industry as authorities are mulling over building an international bioscience innovation demonstration zone in the coastal city in East China's Shandong province.

Based on the rapid development of its medical industry, the zone will consist of seven industrial parks including biomedicine industrial park, traditional Chinese medicine and precision healthcare industrial park, which will be built during the 13th Five Year Plan (2016-20) period, according to Li Wei, head of Yantai Food and Drug Administration, who was speaking at a press conference on Aug 14.

Li Wei, head of Yantai Food and Drug Administration, delivers a speech at a press conference on Aug 14. [Photo/dzwww.com]

By the end of 2020, the projected prime operating revenues of Yantai's medical and health industry will exceed 100 billion yuan ($15 billion), achieving year-on-year growth of 15 percent, Li said, adding that the city is home to many key national laboratories and boasts high innovation capabilities and potential.

To achieve this goal, Yantai will introduce supportive policies to encourage research and development, and attract and nurture leading enterprises and high-caliber talents in sectors such as medicine and medical equipment.

Li also noted that Yantai has set up a special fund of 200 million yuan to build platforms providing technological support.

To boost the profile and competitiveness of Yantai's medical industry, Yantai will host the first international conference on medical innovation and development from Sept 16 to 17, Li added.

Under the theme "Innovation, Cooperation, Investment and Development", the conference will feature meetings between multinational companies, forums, and tours to local enterprises.