Guangzhou city government is to spend 500 million yuan ($80.39 million) every year for the next five years, to support the development of e-commerce as a crucial part of its ambition to become an international commerce center.

Officials said their goal is to combine the sector with the city's traditional strength as a trade and commerce hub.

The government added it will foster key e-commerce companies, and aims to achieve 4 trillion yuan in e-commerce transactions by 2017.