Hangzhou Integrated Circuit Industrial Park in Xiaoshan district. [Photo/zj.zjol.com.cn]

The output of the integrated circuit industry in Hangzhou, Zhejiang province is expected to grow at an annual growth rate of 20 percent and amount to between 80 billion yuan ($11.84 billion) to 100 billion yuan by the end of 2025.

This goal was proposed in the recently released guidelines for the promotion of the high-quality development of the integrated circuit industry in Hangzhou.

According to the guidelines, the city aims to nurture one to two corporate giants with yearly revenues of 10 billion yuan, and more than 10 companies with yearly revenues of 1 billion yuan by 2025.

The guidelines also contain 14 measures aimed at stimulating the growth of the integrated circuit sector. These measures include introducing more high-tech integrated circuit projects and offering subsidies to firms which have large expenditures in research and development of key materials.

Hangzhou authorities have also pledged to provide more financial support for integrated circuit firms by introducing various financing methods.

In 2021, the revenue of Hangzhou's integrated circuit industry was 41.35 billion yuan, a year-on-year rise of 25.7 percent.