Source: China Daily

Zhejiang province, China's private business hub, has pledged tens of billions of dollars to drive technology and innovation in the next five years, local authorities said on Monday. The province rolled out 50 measures at a news conference to boost high-tech and internet companies, as well as medical research and development. In the next five years, the provincial, municipal and county-level governments in Zhejiang will spend a total of 120 billion yuan ($17.42 billion) to achieve the goal, according to Gao Yingzhong, head of the provincial Science and Technology Department. The measures also include increasing the ratio of R&D expenditures in provincial GDP, cultivating leading innovators and increasing patent numbers.