Workers at the manufacturing base of Zhejiang Geely Group, China's largest private auto maker, in Borisov, Belarus [Photo/IC]

East China's Zhejiang province recently initiated a plan of action code-named "Eagle" in a bid to cultivate a group of companies with global competitiveness for the region's high-quality modernization.

The plan states that by 2022, there will be 20 companies from the manufacturing and related service sectors that have annual revenue of more than 100 billion yuan ($14.78 billion). Meanwhile, the province plans to elevate six companies to the Fortune Global 500 list within three years.

Zhejiang is targeting six industries for the cultivation of quality companies, namely green petrochemical, automobile manufacturing, digital economy, high-end equipment, pharmaceutical chemical and fashion.

With a recommendation and application system, around 100 companies from key industries will be included into the province's pool of potential enterprises every year after rounds of selection.

These companies will get support from the government to improve key technologies, optimize the capital structure, strengthen brand building and seek further international exchanges and cooperation.

According to each company's development status, the support available to them, such as tax reduction, talent introduction and land use, will vary from one to another, according to the plan.

Alibaba Group based in Hangzhou, Zhejiang province is a world-leading e-commerce giant and one of the Fortune Global 500 companies. [Photo/IC]