The government of Pingding county, administered by Yangquan city in North China's Shanxi province, signed an agreement on the new Yangquan Modern Trade Port project with Zhejiang Zhongtu Culture and Tourism Group on April 16, according to local officials.

Being built and funded by the company, the project covers a planned area of about 20 hectares and a construction area of 30 ha, with a total planned investment of 1.3 billion yuan ($183.69 million). 

Officials said it will build modern, intelligent and informatized wholesale market clusters focusing on the home furnishing materials trade and the distribution of small commodities. 

Mayor Lei Jiankun said that the Yangquan Modern Trade Port project is of great and long-term significance to modern service industry expansion, urban-rural area integration and the high-quality transformation and development of Yangquan city. 

She said she hoped that the company would integrate into Yangquan's development strategy, give full play to its advantages in planning and capital and introduce advanced experience and practices from Zhejiang province to her city.