GUANGZHOU — Authorities in South China's Guangdong province will provide 1.95 trillion yuan (about $297.8 billion) in financial support over the next five years to speed up the building of strategic industrial clusters.

The Guangdong government has issued a plan to develop strategic industrial clusters of pillar industries and emerging industries to help increase Guangdong's economic competitiveness.

In support of the goal, five major banks inked agreements with the provincial department of industry and information technology, pledging financial support.

Authorities said the strategic pillar industry clusters cover areas such as next-generation digital information, smart domestic appliances and automobiles, while the strategic emerging industry clusters include areas such as smart robots, new energy and precision equipment.