The Investment Promotion Agency of the Ministry of Commerce, or CIPA, recently decided to set up a branch of the CIPA Digital Economy Innovation Empowerment Center in the Lishui Economic and Technological Development Zone -- located in Lishui city in East China's Zhejiang province -- local media reported on Feb 19.

The Lishui branch will aim to be an open and innovative platform, focusing on introducing high-quality business resources at home and abroad to the city.

The development of the digital economy in the Lishui Economic and Technological Development Zone has established strong momentum in recent years. In 2020, a total of 18 digital economy projects were launched there, realizing annual output value of 1.56 billion yuan ($240.5 million) that generated 22 million yuan in tax revenue.

According to zone officials, the zone will fully leverage the competitive advantages brought about by the center and use the digital economy to stimulate the development other industries. 

The CIPA Digital Economy Innovation Empowerment Center, initiated by CIPA with well-known enterprises such as international tech giant IBM, provides services including analyzing the trend of industrial chain adjustments and incubating entrepreneurship and innovation projects in local government and industrial parks.