Economy > Regional

​China’s Zhejiang Province unveils blueprint for regional development

Xinhua Financein www.cfbond.com
2018-05-30 10:45

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China’s eastern province of Zhejiang outlined a blueprint for its world-class Greater Bay Area at a press conference on Monday.

This area will extend across three regions --- the Hangzhou Bay economic zone, the industrial belt along the three coastal cities of Ningbo, Taizhou, and Wenzhou, as well as the logistics corridor connecting Yiwu, an inland city well known for its small commodities, to the Port of Ningbo-Zhoushan, the largest port globally by cargo throughput.

This area aims to attain ambitious goals. By 2022, it expects to see a GDP of over RMB six trillion, among other targets.

The digital economy will make up over half of its economic growth and the high-tech sectors will contribute to over 47 percent of the industrial value added.

In this blueprint, the Hangzhou Bay economic zone stands as the cornerstone, covering a free trade zone, two metropolises, three science and technology parks, and four new urban districts.

The Greater Bay Area will specifically target six aspects in its evolution, covering industry, innovation, city, transport, opening-up, and the ecosystem.

It aims to take the front ranks in the field of the modern industry by focusing on advanced manufacturing, industrial upgrading, high-tech services, finance, and tourism, etc.

Innovation, based on the Internet +, is also high on its agenda, with priorities going to independent innovations, their applications, and talents.

Infrastructure, public services, and urban governance in the cities will be boosted.

The logistics network of this area will expand to reach the whole world by air and sea.

Two pilot projects, the free trade zone and the electronic world trade platform (eWTP), will see further progress. A number of trade centers for goods and services will come into existence.

Ecological function areas will see stricter protection. More efforts will go to pollution control and ecological restoration, and non-compliant companies will enter a negative list.

The specific development plan for this Greater Bay Area will be released soon.
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