During a technology-exchange meeting mostly attended by Chinese who have studied abroad, a contract for the Guangzhou International Biology Island (GIBI) Project was signed on December28.

The Guangzhou Municipal Government signed the contract with a Guangzhou biological technology company and a Hong Kong company.

The base will be located on Guanzhou Island, off the city's Haizhu district, with an area of 1.8 square kilometers. With some universities nearby and a favorable ecological environment, the site is suitable to be developed into a hi-tech zone.

The goal of the biological center is to meet the need of biological technology development.

The project has introduced venture capital and has a budget topping 10 billion-yuan (1.2 billion US dollars), according to an official with the municipal government.