The science and technology bureau of Xiamen in East China's Fujian province released a three-year action plan on Sept 29 for developing high-tech and high value-added companies, according to a press conference held in the city.

Xiamen's primary goal over the following three years is to develop 10 "future" industries, including flexible electronics, third-generation semiconductors, new-generation artificial intelligence, and integrated circuit design.

Kong Shuguang, director of the city's science and technology bureau, said at the press conference that Xiamen authorities had been inspired by their experience in developing emerging industries and realized the significance of a forward-looking vision.

Therefore, based on its actual industrial layout, Xiamen has rolled out plans to develop these future industries, with the goal of creating new drivers for local economic development, added Kong.

Centering on future industries, the bureau decided to invest 155 million yuan ($21.93 million) in 11 major sci-tech projects involving digital diagnostic equipment, new drugs, and new-generation artificial intelligence.

In 2020, Xiamen is expected to allocate roughly one billion yuan to the development of its future industries, which will help solve problems related to key technologies, construct research institutes, and provide R&D subsidies, according to the press conference.