Plan to boost emerging sectors, tech startups to create space for unicorns

Blessed with an innovative workforce and advanced infrastructure, Hangzhou is expected to see continuous expansion in the number and size of "unicorns", according to a new strategic development plan.

The city government is working on an action plan to nurture more unicorns - startups valued at more than $1 billion - with heavy international influence in a bid to boost the development of its new economy.

Statistics show China has 204 unicorns, with more than 20 each in Beijing, Shanghai, Hangzhou and Shenzhen.