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Jiaxing in East China's Zhejiang province aims to focus on the development of eight sectors in the service industry this year, according to the local development and reform commission.

The eight sectors include modern trade, science and technology services, software and information services, commercial services, financial services, modern logistics, health services, and culture and tourism.

In the modern trade sector, Jiaxing will promote the transformation and upgrading of traditional businesses and create cross-border e-commerce platforms with free duties.

In the science and technology service sector, the city will encourage the establishment of independent legal person system research institutes and support the development of testing and inspection companies.

In the software and information services sector, Jiaxing will ramp up efforts to develop high-end software products, expand platform software services, and promote the application of artificial intelligence and blockchain technology in intelligent manufacturing, fintech, people's wellbeing, and data security.

In the commercial services sector, the city will support the innovative development of human resource services, promote the rapid development of the MICE (meetings, incentives, conferences, exhibitions) industry, and support the development of competitive business institutions.

In the financial service sector, Jiaxing will deepen regional financial reforms and innovation, promote the innovation of financial products, and establish a financial service pool for high-quality companies.

In the modern logistics sector, the city will promote the reform of logistics in cost cutting and efficiency improvement and accelerate the innovative development of cold-chain logistics.

In the health service sector, Jiaxing will promote the reform of nursing institutions for the elderly and develop professional home-based care institutions for the elderly.

In the culture and tourism sector, the city will step up efforts to develop the tourism industry and nighttime economy.

The added value of the service industry in Jiaxing is expected to increase more than eight percent year-on-year by the end of this year.

The city will also develop professional markets with more than 10 billion yuan ($1.54 billion) in annual trade and high-end commercial complexes with over 10 billion yuan in annual sales and cultivate foreign trade companies with more than $100 million in annual trade.