Visitors learn about the future applications of the combination of 5G and blockchain technology at a recent industrial expo in Hangzhou, Zhejiang province. [Photo by Long Wei/For China Daily]

Zhejiang province will intensify R&D investment in 2020 to boost technological innovation, according to a meeting held by local authorities on Jan 19.

The province's R&D expenditure last year reached 164.8 billion yuan ($23.93 billion). This year the government aims to increase the figure by more than 14 percent, meaning it would account for approximately 2.8 percent of the regional GDP.

Specifically, the province will support universities and colleges in building platforms for basic research, carry out around 100 projects on artificial intelligence, new-generation communication, intelligent network and precision medicine, improve the Zhejiang Lab, and establish a fund with private companies to support the development of natural sciences.

The province will also establish a science and technology achievement trading center to promote the application of science and technology achievements. It aims to industrialize 2,000 invention patents and generate 80 billion yuan in technology transactions in 2020.