TIANJIN, Feb. 26 (Xinhua) -- China's first wholly foreign-owned tertiary general hospital opened Wednesday in Tianjin Municipality, marking the latest development following China's expanded opening-up policy in the healthcare sector.

The 500-bed hospital, named Perennial General Hospital Tianjin, represents an investment of about 1 billion yuan (roughly 139.4 million U.S. dollars) by Singapore's Perennial Holdings Private Limited.

The hospital offers comprehensive medical services to meet the diagnosis and treatment needs of both common and complex diseases. It also has an international department that provides customized healthcare services -- including health management and chronic disease management.

In September 2024, China issued notice of the pilot program for expanding opening up in the healthcare sector, with north China's Tianjin designated as one of the nine provinces and municipalities to launch wholly foreign-funded hospital trials.

Pua Seck Guan, executive chairman and chief executive officer of Perennial Holdings, said China has demonstrated a strong and significant determination to open up in the medical and health sector, which sends a positive signal to the international investment community, providing new market opportunities and further promoting the diversified development of China's medical market.

The hospital aims to introduce access to top international medical resources for Chinese patients, while also creating new pathways for foreign patients seeking medical treatment in China, Pua added.

The new hospital can more flexibly introduce advanced international medical technologies and management models, facilitating the recruitment of high-end talent and the acquisition of advanced diagnostic and treatment equipment, said Tan Bee Lan, CEO of Perennial Healthcare.

Since 2000, China has allowed the establishment of foreign-funded joint medical institutions. After more than two decades of development, there are currently over 60 foreign-funded joint medical institutions in the country.

Perennial General Hospital Tianjin received the first business license for a wholly foreign-owned tertiary general hospital issued by Tianjin authorities in December last year.

Tianjin and Singapore have a long history of cooperation. The local government in Tianjin has standardized approval processes and high work efficiency, leading to a favorable business environment, Pua said.

Perennial Holdings will also increase its investment in other Chinese cities including Kunming, Xi'an and Guangzhou, according to Pua, who hoped that foreign investment in healthcare can further stimulate industry innovation and promote the advancement of China's healthcare system towards greater efficiency and inclusiveness.