Town's vision: Wealth management hub

A town in Hangzhou, Zhejiang province, targeted to become a hub for hedge funds and other financial institutions, aims to manage capital totaling 2 trillion yuan ($300 billion) in two years.

It has accomplished one-fifth of the goal and has gathered more than 800 financial institutions since its official inauguration in May 2015.

The management team of Yuhuang Shannan town said it is to become a huge platform for private capital in Zhejiang, an affluent coastal province, and a powerful force in the transformation and upgrading of the province.