The Humble Administrator's Garden in Suzhou, East China's Jiangsu Province on November 21, 2019 Photo: CNSphoto

An agreement has been signed to establish a 2 billion yuan ($290 million) fund in Suzhou, East China's Jiangsu Province, to protect the relics located in an ancient city.

The fund will be used to explore historical and cultural resources in the Gusu district of Suzhou, such as ancient houses, historical relics, intangible cultural heritage and time-honored brands, according to the municipal government of Suzhou.

The fund will also invest in areas such as the protection and utilization of the ancient city and the commercialization of ancient buildings and old brands.

The fund is jointly financed by five parties, including three districts in Suzhou, one in the city of Kunshan and a state-owned company in Suzhou.

About a 20-minute ride by high-speed train from Shanghai, Suzhou is home to the relics of a 2,500-year-old ancient city and more than 100 classical gardens, with nine of them serving as UNESCO world heritage sites.

"Protection and development are not a zero-sum game," said Xu Gang, director of the Gusu district government. 

"We hope market forces can inject new vitality into the ancient city by connecting its past and future and combining tradition with innovation," Xu added.