HANGZHOU — A 2-billion-yuan (around $286.3 million) fund was recently established in East China's Zhejiang province to boost the development of the 5G industry, according to local authorities.

The fund, jointly initiated by social investors and government-industry funds, was established in the 5G Innovation Valley in Xiaoshan district in the city of Hangzhou, capital of Zhejiang on Dec 28.

A 5G exhibition center also opened to the public on the same day.

In the first phase, a total of 1 billion yuan of the fund will be invested in leading enterprises in the 5G industry nationwide and cultivating the 5G industry market with strategic partners in the industrial chain, according to the district government.

Based on the fund, the district aims to build the innovation valley into a 5G industrial highland of China and the world, as well as boost the high-quality development of the digital economy of Xiaoshan.

Covering 2,000 square meters, the 5G exhibition center displays the latest achievements based on 5G technology innovation and application, including fields of advanced manufacturing, smart logistics, tourism, transportation, and entertainment.

The 5G Innovation Valley opened in May. More than 20 leading 5G enterprises have settled down there.