The signing ceremony was held in the Great Hall of the People in Beijing, where guests included IWUF executive vice-president Anthony Goh.

Also in attendance were Ruiqi Liu, an IWUF honorary vice-president and chairman of International Wushu Limited Company, and Zhongwei Chen, HYX’s general manager.

The ceremony, which coincided with HYX's 90th anniversary, highlighted the continued mutual cooperation as both parties work to promote the sport of wushu on the international stage.

It was marked by a wushu performance and a promotional piece titled Heng Yuan Xiang and Wushu both of which are said to have showcased the strong relationship between HYX and wushu.

Goh and Chen then formally signed the agreement.

"This signing ceremony symbolises that the IWUF-HYX cooperation is entering a new stage as the sport of wushu also develops faster and faster," Goh said.

"With HYX's professional and comprehensive support, wushu will grow stronger worldwide and more people will continue to be drawn to wushu.

"Meanwhile, the global promotion of wushu will also provide HYX a broad platform for demonstrating the quality, value and commitment to international excellence of the HYX brand."

HYX is one of the most famous and time-honoured brands in China.

Since its inception, it has continually made breakthroughs and innovations in the field of branding, they claim. 

Beginning in 1989, HYX has sponsored the development of sports industries and in 2005 became the official sponsor for the 2008 Olympic Games in Beijing. 

Overall, HYX has been responsible for creating the official uniforms of the Chinese national team for three Summer Olympic Games.

"In the coming four years, the IWUF and HYX will engage in mutual cooperation as they take advantage of each other's vast resources, growing events in quality, scale and promotion" an IWUF statement reads.

"Wushu fans and athletes everywhere will continue to enjoy world-class events and benefit from the ways in which wushu can improve their lives.

"IWUF and Heng Yuan Xiang will further their mutual engagement and commitment to the common goal of the globalisation of wushu."

It is claimed the development of the IWUF and the sport of wushu can be achieved more expeditiously with the participation and support of sponsoring enterprises.

The IWUF Partnership Programme offers three levels: global cooperation partner, advanced sponsor, and supplier.

The world governing body has strict selection conditions and procedures for its top sponsors, the global cooperation partners.