The Zhejiang provincial government released the "5 plus 4" policy portfolio to bolster the local economy at a news conference on Jan 7.

The "5" refers to the new policies focused on five areas - expansion of effective investment, reduction of taxation and fees for enterprises, encouragement of technological innovations, stabilization of foreign trade and investment, as well as improvement of social welfare.

The "4" refers to the four checklists of goals involving public finances, natural resources, financial market, and energy.

Zhejiang authorities aim to relieve enterprises of 300 billion yuan ($47 billion) in financial burdens in 2022.

The government will also take measures to ensure that the annual power supply for Zhejiang in 2022 will be at least 580 billion kilowatt-hours.