Guangzhou Pharmaceutical Holdings Ltd, the second largest State-owned company in Guangzhou, signed an agreement on Monday with the Confucius Institute in Auckland, New Zealand to build the Shennong Caotang TCM Culture Communication Center, and strengthen cooperation in TCM-related education to facilitate the promotion of TCM in the world.

The company also signed an agreement with the University of Auckland to set up the Wang Lao Ji Auspicious Culture Ambassador Scholarship to fund student internships in Guangzhou.

The company made the moves as a member of the delegation from Guangzhou municipality that headed to Auckland on Saturday for Tripartite 2019.

"The concept of preventive treatment of disease, valued by the TCM sector, is expected to go mainstream worldwide," said Li Chuyuan, chairman of the delegation.

"I believe that the integration of Chinese and Western medicine will contribute more to the global health industry," he said.

Tripartite 2019, held Monday and Tuesday, celebrated the fifth anniversary of the Tripartite Economic Alliance/Honongo Ōhanga Tokotoru, first signed by the three partner cities of Guangzhou, Los Angeles and Auckland in 2014.

With sales reaching 116 billion yuan ($16.78 billion) in 2018, Guangzhou Pharmaceutical Holdings Ltd has 10 China time-honored brands, including Wang Lao Ji, all of which have a history of more than 100 years.

Wang Lao Ji has launched overseas herbal tea museums in New York and Tokyo since 2018.