(Yicai Global) Aug. 8 -- Hong Kong plans to construct its first ever hospital specializing in traditional Chinese medicine, according to the special administrative region's chief executive.

Promoting the development of TCM in Hong Kong is one of the priorities of her government, Carrie Lam said at a recent industry forum. It also proposes setting up a special HKD500 million (USD63.7 million) fund in this year's budget to support the sector's growth, she added.

TCM has gained recognition in Hong Kong over the past decade, particularly in the fields of healthcare, weight loss, and beauty. It has three dedicated higher educational institutions and several clinics, but so far lacks a specialized hospital. That limits wider breakthroughs in research and standardized treatment.

The hospital will need to follow the mainland's lead over the past few decades because the region doesn't have its own experience, Prof. Lu Aiping, dean of the School of Chinese Medicine at Hong Kong Baptist University, told Yicai Global.

But Hong Kong's first such medical institution will be able to act as an example for others in the region and across the world, he added.

Editor: Emmi Laine