Zhejiang planning 100 specialized 'towns'

To reinforce the upgrading of traditional industries, encourage innovation and promote tourism, Zhejiang province is to invest 500 billion yuan ($81.5 billion) in 100 featured "towns" within three years.

The first group, comprising of 37 towns, with names given by local governments, was announced on Wednesday. It included Internet Town and Cloud Town in Hangzhou, and Traditional Chinese Medicine Town in Jinhua.

Different from administrative divisions, each town, which are no larger than 3 square kilometers in area, will gather companies of one specific industry and provide certain preferential policies to support the development of that industry, as well as undertaking cultural and tourism functions. The industries cover areas including information technology, environmental protection, finance and high-end equipment manufacturing.