German healthcare group to set up hospital in free trade zone

German healthcare and medical product provider Artemed Group will establish a hospital in the China (Shanghai) Pilot Free Trade Zone.

Artemed signed a framework agreement on Tuesday with Silver Mountain Investment Co, Shanghai Waigaoqiao FTZ 3U-Development Co and Shanghai Waigaoqiao FTZ Healthcare Center.

The hospital will be the first wholly foreign funded medical institution to set up in the FTZ. It will cover 10,300 square meters and include several medical centers including a medical image center, an independent diagnostic center, medical training center, research and development center, demonstration center, comprehensive outpatient center and inpatient center in the fields of cardiovascular disease,muscle and bone diseases, celiac diseases and lung diseases.

The 28-square-kilometer China (Shanghai) Pilot FTZ was launched in September 2013.

Under the guidelines released by authorities, a series of sectors including healthcare are opened up to foreign investors.

"The hospital will be an example for promoting the implementation of service sector's opening up in the pilot zone," said Li Yunzhang, vice general manager of Shanghai Waigaoqiao Group. "It will help further promote China's medical service level and boost the country's high-end medical industry's development."