A plan map of the Yiwu Digital Economy Industrial Community. [Photo/Yiwu Media Center]

Yiwu, East China's Zhejiang province, will spend 700 million yuan ($98.43 million) building a new digital economy industry community, according to local media outlets.

The Yiwu Digital Economy Industrial Community will be located on the southeast side of the intersection of Liuqing Road and Hongnong Road in Beiyuan sub-district.

The planned total construction area is about 150,000 square meters, including about 122,000 square meters of above-ground buildings and 28,000 square meters of underground buildings.

As one of the key projects in Yiwu, the Yiwu Digital Economy Industry Community will focus on the industrialization of core technologies in the digital economy, and will mainly develop manufacturing industries such as communications, computers, control hardware and intelligent terminals.

It will be made up of a manufacturing center composed of communication, computer, control and other hardware production bases and intelligent terminal production bases, a research and development center composed of a headquarters economic base, an innovation R&D base, and a business incubation base, as well as a public service center providing basic life services for talent.

The land used for the industrial community was approved on June 30. Construction is expected to start by the end of this year.