Representatives from Ningbo Hangzhou Bay New Zone and Shenzhen Huaqiang Holdings Ltd sign an agreement to build the Ningbo Traditional Chinese Culture Park. [Photo/zj.zjol.com]

Ningbo Traditional Chinese Culture Park, a new cultural tourist site promoting traditional Chinese culture, will be built in Hangzhou Bay New Zone, according to an agreement signed on July 8.

The agreement, with a total investment of 3.2 billion yuan ($465 million), was signed by Ningbo Hangzhou Bay New Zone and Shenzhen Huaqiang Holdings Ltd.

According to the agreement, the park will showcase several Chinese literary and artistic achievements related to Confucianism, Buddhism and Taoism. It is expected to receive 3 million passengers annually upon its completion.

Ningbo Hangzhou Bay New Zone has been focusing on promoting the integration of culture and tourism in order to drive the development of the local tourism industry. After the newly signed project, Huaqiang Holdings' investment in the zone has increased to 18.5 billion yuan.