An aerial view of Yunqi town in Hangzhou, capital of Zhejiang province [Photo/zj.zjol.com.cn]

An upgraded version of Yunqi town in Hangzhou is slated to be put under construction, according to an announcement made at a conference marking the fifth anniversary of the town's founding held at the Yunqi Town International Convention and Exhibition Center on Dec 25.

According to the plans released at the event, a new industrial park covering an area of 53.33 hectares will be constructed to the west of Yunqi town. The new industrial park will include think thanks and institutes focusing on the research of aerospace information technology.

To the south of the current Yunqi town, a new industrial area covering an area of 4.9 square kilometers will be constructed, aiming to be a first-class industrial zone focusing on advanced manufacturing.

To date, a number of renowned companies like China State Shipbuilding Corporation Limited and CNNC Environmental Protection Co Ltd have established their branches in the zone.

The town has released a series of favorable polices to boost its industrial growth and attract skilled workers. It also initiated a new round of landscape upgrading projects to develop itself into a 4A-level scenic area.

Yunqi town aims to generate 1.5 billion yuan (214 million) in general financial revenues by 2022, and 60 billion yuan in digital economy output, according to an official with Hangzhou's West Lake district.

He added that the ultimate goal of the town is to be China's No 1 digital economy town.

Yunqi town is located in the south of West Lake district in Hangzhou, and is renowned as one of the top 10 distinctive towns in Zhejiang province. The town is home to a large number of tech firms focusing on cloud computing and big data.