Volvo XC40 SUVs are driven onto a cargo ship set for South Africa on May 24. Volvo is owned by China's Geely Holding Group, which is headquartered in Hangzhou, Zhejiang province. [Photo provided to China Daily]

Authorities in Zhejiang – the province in East China -- recently put together a three-year action plan to develop a number of Zhejiang-based multinational corporations.

Under the plan, the province will aim for five of its top 20 privately owned multinationals to become world-leaders by 2020 -- boasting market competitiveness, brand influence, global presence and high-end products.

The province also plans by 2022 to help develop more privately owned multinationals from the ranks of Zhejiang's industry leaders, high-tech unicorns and high-growth companies.

The multinational corporations are expected to build their centers for management, profit-making and research and development in Zhejiang headquarters.

The key industries in the provincial government's development plan include cloud computing, big data, artificial intelligence, digital security, e-commerce, blockchain, biomedicine and high-end medical equipment.  

Officials said the government is set to facilitate the participation of  multinationals in businesses involved in the Belt and Road Initiative, as well as in cross-border mergers and acquisitions.