Fujian will set up a fund worth 10 billion yuan ($1.47 billion) this year, aiming to promote the upgrading of 500 projects in the manufacturing sector, local authorities announced.

It plans to ramp up innovation while fostering 18 industrial clusters with revenue reaching 100 billion yuan and 45 businesses with revenue topping 10 billion yuan within the year.

Meanwhile, the province aims to accelerate the integration between modern service sector and advanced manufacturing sector and cultivate a batch of industrial internet service providers as well as model companies in using the techs.