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East China Province Draws Overseas Funds to IT Industry
East China's Zhejiang Province has decided to introduce more overseas capital to its information technology (IT) industry.
Chen Daxin, director of the Zhejiang Provincial Department of Information Technology Industry, said that overseas investment will mainly be used to develop telecommunication equipment, computers, digital audio and video products, integrated circuits, and software.
Overseas investment will also be directed to upgrading traditional industries with new and high technologies, Chen said.
Zhejiang has set the goal of turning the IT industry into a new growth area for the local economy in the next 10 years.
The province has become one of the IT industrial leaders in the country, with mobile phones, integrated circuits and 60 other products securing an increasingly larger share of the domestic market.
Its annual IT industrial output is expected to exceed 100 billion yuan (about 12 billion U.S. dollars) this year.
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