Yuyao, a county-level city in Ningbo, is embracing the opportunity to seek further development of its tech economy as the Fourth China Robot Summit and Intelligent Economic Talent Summit is currently taking place in the city.

The Fourth China Robot Summit and Intelligent Economic Talent Summit kick off in Yuyao, a county-level city of Ningbo, Zhejiang province on May 16. [Photo provided to chinadaily.com.cn]

As China's largest and most influential event in the robotics industry, the event attracted over 1,500 experts, scholars and entrepreneurs from across the world to participate, and it appears to be paying dividends. 

The opening ceremony on May 16 witnessed the signing of 26 cooperative agreements with a value totaled at 36.8 billion yuan ($5.3 billion).

A special fund worth 10 billion yuan, jointly established by the Chinese Academy of Sciences and Yuyao's government was set up.

Also Zhejiang University, the most prestigious university in Zhejiang province, will build a robotics research institute in Yuyao, in a bid to further the development of intelligent manufacturing in the host city.