Zhejiang Province, with an area of 105,500 square kilometers and a population of 56,570,000 as of 2017, lies on the southeastern coast of China.
Zhejiang has a sub-tropical monsoonal climate, warm, humid and rainy. It has a mean annual temperature of 16-19°C, and a mean annual precipitation of 1,100-1,900 mm.
The province is endowed with lush mountains and exquisite waters, and rich in historical and cultural resources. It is abundant in croakers, hair-tail fish, cuttlefish and freshwater fish. The province is also the main production hub of green tea and bamboos.
Historically, Zhejiang has prioritized agriculture, and has been an economically developed province based on industry with featured regional massive economics, since its reform and opening-up.
In 2016, Zhejiang recorded GDP of 5.62 trillion yuan ($800 billion), with a growth rate of 7.1 percent.
The tertiary industry is an engine for Zhejiang's economic development, with an added value increase of 7.8 percent over the same period of last year. Zhejiang boasts a developed private economy and advances the construction of industry cluster areas and economic development zones for large enterprises and manufacturing.
Located in the T-shaped joint of Yangtze River Economic Zone and eastern coastal economic belt, Zhejiang has formed a good port structure - the principal Ningbo-Zhoushan Port (including Jiaxing Port) and the subsidiary Wenzhou Port and Taizhou Port.
Zhejiang's exports maintained increases in 2018, with the total volume of imports and exports reaching 2.85 trillion yuan, including 2.12 trillion yuan in exports. There were a total of 35 Fortune 500 companies investing in Zhejiang in 2018 with an investment of $2.89 billion.
Zhejiang has deepened supply-side structural reform since 2017 and its industrieshave been developing steadily. The province has cultivated eight pillar industries - information, environmental protection, fashion, tourism, culture, health, high-end equipment manufacturing and finance.
The information sector is at the top of Zhejiang’s list of development focuses. The output value of the province’s information industrysurpassed 1 trillion yuan ($150.86 billion) in 2015. This sector included the most advanced fields such as the internet of things, cloud computing, big data, e-commerce, smart logistics, internet finance, information safety and artificial intelligence.
Environmental Protection Industry
Lucid waters and lush mountains are invaluable assets and Zhejiang province has accelerated the development of its green and recycling economyto promote environmental protection.
From 2013 to 2017, the Zhejiang government invested 7.6742 billion yuan in environmental protection, with an average annual increase of 24.31 percent.
Developing fashion industry is an important measure Zhejiang has taken to facilitate the transformation and upgrading of its traditional industries. The fashion industry in the province generated a total value of 1.23 trillion yuan in 2017, a year-on-year increase of 18.3 percent.
Zhejiang province has been working hard in developing its tourism industry. From free access to West Lake to the layout of hundreds of characteristic towns, the whole province is being built into a huge scenic area. Last year, it was selected as a national demonstration province for all-for-one tourism.
The value ofthe industry’s outputexceeded1 trillion yuan ($149 billion) in 2017, accounting for 7.5 percent of the province’s total GDP.
The culture industry in East China's Zhejiang province is experiencing great progress, growing into one of the pillar industries in Zhejiang and a strong force to the province's economic development.
In 2015, the last year of China’s 12th Five-Year Plan, the output value of the culture industry in Zhejiang reached 24.9 billion yuan. For the 13th period (2016-2020), the province raised higher requirements on this sector. By 2020, the number is expected to hit 1.6 trillion yuan and represent over 8 percent of the province’s GDP.
The health industry is one of Zhejiang’s eight focus industries. In 2017, the output value of Zhenjiang’s health industry reached 648.3 billion yuan.
The provincial government has released a raft of policies and provided strong financial support to boost the development of health sector in recent years. By 2020, Zhejiang aims to form a complete industrial chain in this sector and the output value of health industry is expected to hit 1 trillion yuan.
High-end equipment Industry
With the development of new industries and new economy, the high-end equipment manufacturing industry in Zhejiang continues to grow at a rapid pace.The province is going to create a high-end equipment system featuring innovation, high efficiency, low carbon, and optimized structure by 2020. Meanwhile, the output value of the industry is expected to surpass 1.1 trillion yuan with an average annual increase of 15 percent, accounting for 25 percent of the equipment manufacturing sector.
The finance industry plays a fundamental role in optimizingthe allocation of resources and regulating economic operation. By 2020, Zhejiang aims to gain a total financial income of 1.6 trillion yuan.
Zhejiang is one of the most prosperous provinces in China. Compared to its counterpartsin the country, Zhejianghas the following advantages:
Firstly, on the southern wing of the Yangtze River Delta, Zhejiang boasts unique geographical advantages for "bordering rivers and seas, bridging the east and the west, and linking the south with the north".
Secondly, Zhejiang has a prosperous private sector. A total of 93 companies from the province were listed on the "2018 Fortune 500 of Chinese private companies" issued by the All-China Federation of Industry and Commerce, ranking first in the country for 20consecutive years.
Thirdly, the province initiated "At Most One Visit" service reform in February 2017 to streamline administrative procedures for people and business. More than 80 percent of Zhejiang's civic services were simplified by the end of 2017.Business people will not be bogged down in government red tapeany longer.
Investment promotion agencies
1. Department of Commerce of Zhejiang Province
Address: No 468 Yan’an Road, Hangzhou, Zhejiang
2. Zhejiang International Investment Promotion Center
Address: No 466 Yan’an Road, Hangzhou, Zhejiang
3. Ningbo Hangzhou Bay New Zone
4. Ningbo Municipal Commission of Commerce
Address: No 190 Lingqiao Road, Ningbo, Zhejiang
5. Invest in Ningbo
Address: No 190 Lingqiao Road, Ningbo, Zhejiang
6. Hangzhou Investment Promotion Bureau
Address: No 18 East Jiefang Road, Hangzhou, Zhejiang
Website: http://tzcj.hangzhou.gov.cn/ (Chinese)
7. Zhejiang Zhoushan Archipelago New Area
Tel: 0580-2280840 0580-8887738