CHENGDU Dec. 20 (NBD) -- Committee of Chengdu Tianfu International Biological City announced a new policy, on the 8th China Pharmaceutical Strategy Summit 2016 held on Sunday in Chengdu, to establish an industry fund of no less than 10 billion yuan (about 1.45 billion U.S. dollars). 

The fund will be used as equity investment targeting domains of biomedicine, biomedical engineering, biological service and biological health.

The new policy also grants small and medium size enterprises discount charges of loan for up to 15 million yuan (about 2.17 million U.S. dollars). 

As a national base for biological industry, biomedicine sector revenue in Chengdu High-tech Industrial Development Zone has exceeded 20 billion yuan (about 2.90 billion U.S. dollars) with nearly 1,000 related firms in this area. It aims to boost the industry output value up to 500 billion yuan (about 72.46 billion U.S. dollars) by the year of 2035.