Yiwu in East China's Zhejiang province recently released a series of measures to promote high-quality economic development, address the needs of the market and promote economic development.

The document includes 58 policy measures in eight key areas, involving a total of 8.2 billion yuan ($1.2 billion) in fiscal funds. The policy measures include expanding effective investment, promoting technological innovation, strengthening transportation, and developing international land ports.

Yiwu will expand effective investment, including allocating 100 million yuan in special funds to support the high-quality development of four towns. It also plans to supply over 10,000 mu (66.67 hectares) of construction land annually and strive to ensure the addition of 800,000 metric tons of standard coal in new energy consumption.

To encourage technological innovation among enterprises, Yiwu will support companies in creating key laboratories, research and development organizations, innovation carriers, and innovative leading enterprises, and provide corresponding rewards. For example, a company recognized as a national key laboratory for the first time will receive a reward of 10 million yuan.

Yiwu will also scale up the development of four strategic emerging industries, such as information photonics, new energy vehicles and parts, chip sensors and intelligent terminals, and life and health. It will increase the supply of industrial land and ensure that the proportion of industrial land among land sold throughout the year is at least 30 percent.

The city will promote the nighttime economy and allocate 26 million yuan for the distribution of tourism and consumption vouchers in an effort to expand domestic demand for economic recovery.

It also plans to build and put into use 15 or more primary and secondary schools and kindergartens, with more than 8,000 additional enrollment slots available. It will also promote the development of a reasonable layout for the medical emergency network, with an average response time of less than 11 minutes for emergencies.