A signing ceremony for a medical project is held through a video conference on Feb 15 in Wuxi, East China's Jiangsu province. [Photo/wxrb.com]

A signing ceremony for a medical project was held through a video conference on Feb 15 in Wuxi, East China's Jiangsu province, in order to maintain economic growth amid the novel coronavirus break.

During the ceremony, the Shanghai-based medical technology company Genesis MedTech finalized an investment project valued at $720 million in Wuxi's Binhu district.

According to the agreement, Genesis MedTech will build its research, development, and production center for high-end medical devices at the Wuxi (Mashan) Taihu Lake National Tourism Resort.

This is the first major project deal to be signed in the city after the Spring Festival holiday.

"Wuxi is currently making efforts to prevent and control the epidemic and is helping manufacturers and businesses resume operations," said Wuxi Party Secretary Huang Qin, adding that the government will continue to offer its full support and work to improve its services.

Wuxi Mayor Du Xiaogang was optimistic about the project, which is meant to promote the development of the medical industry in Wuxi and support the economic integration of the Yangtze River Delta region.

Lu Jun, deputy chairman of Genesis MedTech, echoed Du's optimism about their cooperation.

Lu praised the Wuxi government for holding a video signing ceremony in light of the virus outbreak. After it begins operating, the company will produce highly-valued medical devices and consumables relating to cardiac intervention, nerve intervention, tumor intervention, and cancer intervention, aiming to replace imported products with domestically-made medical devices, Lu said.