Cuiheng New Area of Zhongshan, in the heart of the Pearl River Delta of Guangdong province, has been approved by the State Council, China's cabinet, as an economic and cultural exchange base between the Chinese mainland and Taiwan, according to the local authority during a forum in Zhongshan on Saturday.

Cuiheng is the birthplace of Sun Yat-sen, the leader of the Xinhai Revolution that established the Republic of China.

Local authorities at the investment forum said the establishment of the economic and cultural exchange base would help facilitate investment and economic growth.

"We are determined to develop the base as a pilot project of economic and cultural cooperation between the mainland and Taiwan," said Xue Xiaofeng, Party chief of Zhongshan.

According to the authority, 174 domestic and overseas contracts worth nearly $6 billion was signed during the investment fair on Saturday.