The government of Wenzhou, Zhejiang province signed a strategic cooperation agreement with Zhejiang University on Jan 21 to jointly push ahead with the city's high-quality development.

The highlight of the cooperation was the inauguration of a research institute at Wenzhou National University Science Park with a special fund of 300 million yuan ($44.35 million) set up for its operation.

Aiming to cultivate emerging industries and upgrade traditional ones, the institute is expected to play a role in the research and development (R&D) of technologies, the commercialization of research findings, the incubation of businesses, technical consultancy, education and training, and academic exchanges by integrating resources from home and abroad.

Centering on six main industries including new materials, life sciences and intelligent manufacturing, the research institute in Wenzhou will establish several innovation centers with scientists from Zhejiang University as pioneers.

At the same time, to boost the commercialization and industrialization of research results, and to promote the collaboration between the university's alumni and the city's entrepreneurs, three service centers will be launched as exchange and cooperation platforms.

The agreement also states that within five years, the two sides plan to introduce 100 technology companies, 110 high-caliber talents and 20 national high-tech enterprises to Wenzhou and reinforce the cultivation of local professionals.