Alibaba Home Province to Commit Billions in Tech Drive

China’s Zhejiang province has pledged around $17 billion for the development of its tech industry for the next five years, according to Xinhua news.


The home province of tech giant Alibaba will also guide social capital and financial institutions to invest around 290 billion yuan, said Gao Yingzhong, head of the provincial Science and Technology Department.


The tech and innovation drive also introduced 50 measures to boost the tech sector which includes increasing the ratio of R&D spending in provincial GDP, cultivating leading innovators and increasing patent numbers.


Source: Reuters

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