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A General Introduction to Foreign Investment Environment of Zhejiang Province

Under the new normal in economic development, investment environment in Zhejiang Province is highlighting its unique advantages. In 2015 Zhejiang Province will highlight the innovation - driven, foster new competitive advantages and accelerate to advance the level of opening up. The Zhejiang Investment &Trade Symposium (ZJITS) is an important carrier and platform of open economy in the province. The most important point in the ZJITS is that in the new normal how to further promote the "bringing in" and "going out", help upgrade the economic transformation of our province to make new contributions to the economy of Zhejiang Province.

I. Zhejiang is building the new heights of opening up

Zhejiang Province exerts its regional advantage to promote the integral development of the Yangtze River Delta region, takes the initiative to undertake the free trade zone in Shanghai's spillovers and actively participates in the construction of Silk Road Economic Belt, 21st Century Maritime Silk Road and the Yangtze River Economic Belt. Relying on the deepwater coastline and the deep-water port, Zhejiang Province moderately constructs the nuclear power, thermal power bases and develops the industries of port types such as petrochemical, metallurgical and automobile industry, forming a fundamental structure in the whole province with multi-levels and multi-directions that promotes in order to connect with Shanghai and participate the communication and cooperation with the Yangtze River Delta region. Meanwhile, considering the construction of demonstration areas of marine economy development and new area of Zhoushan Islands as an opportunity, Zhejiang Province promotes the harbor cooperation between Ningbo - Zhoushan Port and Australia, Singapore and other countries to create the “eye” of Yangtze River Economic Belt and the bridgehead of “Maritime Silk Road”. In 2014, the cargo throughput of Ningbo - Zhoushan Port was 870 million tons, ranking first in the harbors around the world for 6 consecutive years; container throughput was 19.45 million TEU, ranking 5th in the world's harbors.

II. Zhejiang is highlighting new achievements of the economic and social reforms

Zhejiang Marine economic development demonstration areas, new areas of Zhoushan Islands, Yiwu International Trade Comprehensive Reform Pilots, Wenzhou Finance Comprehensive Reform Pilot Area and various national pilots are promoted solidly. Zhoushan River - Ocean Combined Transportation Services Center, Private Green Petrochemical Industry Base, China (Hangzhou) Comprehensive Experimental Region Cross-border Electronic Commerce are planned to be conducted. Marketization reform of key elements allocation, mechanism reform of industrial structure adjustment, reform of urban and rural system, effective approval reform of enterprise investment projects, mechanism innovation of ecological construction and other regional pilots are guided and led to the path. Zhejiang’s private economy is prosperous. As an important birthplace of China's marketization reform, Zhejiang’s private economy has accounted for about 64% of GDP in the province. The personal and private economy gross, total sales, total retail sales of social consumer goods and export amount has ranked first for many years in mainland provinces and cities autonomous regions of China. In 2014, a total of 123 enterprises in Zhejiang Province were chosen as China's top 500 private enterprises. The total number has ranked first for 15 consecutive years in mainland provinces and cities, autonomous regions of China.

III. Zhejiang is being driven to transform and upgrade the industries by scientific and technological innovation

Zhejiang adheres to accelerate the development of those seven industries including information, environment, health, travel, fashion, finance and high-end equipment manufacturing by the expansion of effective investment supporting the transformation and upgrading, adheres to drive the transformation and upgrade promote the design and construction of Qingshan Lake Tech-Town, Hangzhou Future Tech-Town and Ningbo New Materials Tech-Town by scientific and technological innovation to seize the commanding heights of development in the future. The First World Internet Conference was held successfully in Zhejiang and Wuzhen becomes a permanent site of the World Internet Conference. With Alibaba, the world's largest e-commerce platform as a leader, Zhejiang vigorously develops cross-border e-commerce, and strives to build the online " Belt and Road, " meanwhile Zhejiang focuses on the development of electronic commerce in rural areas and connects thousands of farmers with ever - changing markets, putting farmers and fishers in underdeveloped areas on the informationization fast lane. In Suichang county which is located in the southern mountain area of Zhejiang, the number of people engaged in e-commerce industry is more than 6000, network operators are more than 1500, and the online sales is more than 500 million yuan in 2014. The original alpine mist tea, bamboo charcoal, Shilianju rice in deep mountains are transported out of the mountains and exported to various places.

IV. Zhejiang is accelerating the new structure of integration of urban and rural areas

Zhejiang adheres to accelerate the promotion of surrounding cities of Hangzhou Bay, Wentai coastal cities and central Zhejiang cities in construction in the new urbanization path, vigorously develops Hangzhou, Ningbo, Yiwu and Jinhua - Wenzhou metropolitan downtown. Meanwhile, Zhejiang regards the counties of Zhejiang Province as the focus of urban and rural co-ordination and it has selectively trained 200 central counties within the whole province and promoted 43 training pilots of small cities, fully playing an important strategic role of the node to the central towns in urban and rural regional development. At present, Zhejiang has formed a fine pattern of coordinated development of large and medium-sized cities and small towns including three large-sized city groups, four large metropolitan areas, seven central cities within the provincial area, sixty small-sized cities of county (city), about two hundred provincial central towns and about four hundred common towns. The province's urbanization level has reached 64%; city economy of the provincial districts is more than the province's 3/4.

V. Zhejiang is enlarging the construction of marine economic development

In recent years, Zhejiang has increased the sea - related projects, arranged 490 key construction projects of marine economy and totally invested 1.2631 trillion yuan, putting efforts to build the "trinity" harbor-air logistics service system, including a large number of commodity trading platforms, the joint land and sea transportation networks and financial and information supporting systems. The important point is to support the development of eight modern marine industries such as marine equipment and high-level ships manufacturing, desalination and comprehensive utilization and marine pharmaceuticals and biological products and develop “Zhejiang Fishery Repair and Revitalization Action” to initially built the marine economy development pattern with Ningbo and Zhoushan as the center and Wenzhou, Taizhou, Hangzhou and Jiaxing as the two wings. In 2014, Zhejiang’s marine gross product reached 556 billion yuan, accounting for about 15% of the gross product of the province, including new marine industries added value reaching to about 30 per cent of the gross marine product.

Seven Major Industries in Zhejiang will be the collective debut on "Zhijiang Summit"

The 2015 work report of Zhejiang provincial government comes up with developing the seven major industries including information, environment, health, travel, fashion, finance and high-end equipment manufacturing to accelerate the forming of industrial pattern with high-end equipment manufacturing and modern service industry as the main body.

I. Information industry: playing a leading role in the information economy

Zhejiang is going to develop the information economy with the Internet as the core to accelerate the cultivation of such industries as cloud computing, mass data and Internet of things and development of industries such as e-commerce, software and information products manufacturing. All of the cities in Zhejiang Province are developing the information economy with e-commerce as the content. Especially in Hangzhou, the birthplace of Alibaba, China (Hangzhou) comprehensive experimental region for cross-border e-commerce is being planned to conduct to promote the development of the freedom, convenience and design of cross-border e-commerce.

The data shows that in 2014 Zhejiang’s internet sales was 564.2 billion yuan, increasing 47.6%. The internet sales was written into the government report of the provincial government for the first time in 2012. The sales of 2012 was 202.7 billion yuan, and sales in 2013 is 382.1 billion yuan. And in 2014 it reached a new height. In 2014, Zhejiang worked hard on e-commerce with a turnover exceeding 2 trillion yuan, increasing 25%. At present, about 85% of internet sales, 70% of cross-border e-commerce and 60% of inter-firms e-business trades are completed by relying on the e-business platforms in Zhejiang. The annual growth rate of IT industries in Zhejiang is more than 25% and the province's information consumption has reached nearly more than 150 billion yuan, ranking the forefront of the country.

II. Environmental Industry: playing a recyclable role of environmentally friendly economy

Development of energy saving and environmental protection industry in Zhejiang Province is to provide industries with material foundation and technological supporting for saving energy resources, developing recycling economy and protecting the ecological environment. It is also the livelihood industry that is necessary to improve the quality of people’s livelihood, hopefully developing into the strategic industry that drives the economic transformation and upgrading of Zhejiang Province.

Energy - saving and environmental protection industry has raised wide public concern on a global scale and in the next 10 or 20 years it will achieve rapid growth in global energy-saving and environmental protection industry. Since many countries have energy saving and environmental protection industry listed as a strategic emerging industry for fostering and development, now it is the important opportunity for Zhejiang to develop this industry. Energy saving and environmental protection industry has the characteristics of wide field, long industrial chain and obvious demand - pull effect and so on. Energy - saving and environmental protection industry in Zhejiang Province tops in the national rankings and by 2017 the output value is expected to exceed 1 trillion yuan, with an annual increase of more than 15 percent.

III. Health industry: a pioneer of developing high-level health industry

Health industry is a major industry to support the future development of Zhejiang, who is now vigorously promoting the health industry and is walking in the forefront of the country. Income level structure of Zhejiang Province brings a good foundation and conditions for accelerating the development of the health industry. The promote of the development of health industry not only improves people's health and quality of life, but also is good for steady growth and adjustment of the structure, promoting the province's economic and social continuous healthy development in the whole province.

Health industry development in Zhejiang Province is to vigorously develop the medical and pharmaceutical industry. It is going to actively develop medical services, strengthen the nonprofit hospitals and let live the profitable hospitals to accelerate the development of Traditional Chinese Medicine health care and health insurance services; modern pharmaceutical industry will be energetically developed by enlarging the pattern, strengthening the varieties and optimizing the structure; the development of Chinese medicinal materials processing and healthy food industry will be accelerated; the development from medical equipment industry to digital and high-end will be vigorously promoted. Nursing and health industry will be vigorously developed. Through the in-depth implementation of large projects, the large-scale strategy is driven to develop and accelerated the formation of a number of health industrial clusters with distinctive characteristics and complete and perfect accommodations to jointly promote the great development of health industry.

IV. Travel industry: developing a trillion tourism economy with brand development

In 2014 Zhejiang Province’s tourism revenue reached 630 billion yuan with an increase of 13.8%; 9.31 million oversea tourists were received to achieve tourism foreign exchange earnings 5.75 billion dollars, including 3.7 million visitors received by overnight accommodations; 479 million domestic tourists were received to achieve domestic tourism income 594.7 billion yuan with an increase of 7.5%, 6.7%, 4.6%, 10.2% and 14.3% respectively. By the end of 2014, there were 31 large-scale projects exceeding 5 billion yuan with a total investment of 287.96 billion yuan; there are 11 projects exceeding 10 billion yuan with a total investment of 1560 yuan.

In 2015, with a slogan of “fire with ‘Poetic and Picturesque Jiangnan’ to build image and develop ‘trillion industries’ to make contributions, Zhejiang Province develops its tourism industry by building seven major industries to develop the promotion mechanism and tilting every policy and element to the seven major industries; cross-border and trans - regional tourism integration has become the norm, in which the markets of marine travel, ecological travel, wellness tourism and health travel, sport and leisure travel become better and better; meanwhile, the age of self-supporting tours, self-driving tours has come and travel becomes a normal life. Tours with uniqueness has rapidly risen and information technology on the trip is having a profound impact.

V. Fashion Industry: the developing change from industry manufacturing to leading design

Currently, Zhejiang is striving to cultivate the fashion industry into a major industry with revenues over a trillion, build the leading domestic fashion industry base with strong international competitiveness, form a fashion industry system with design and marketing as the core, the manufacturing and producing as the basis and the independent brand as the sign, achieving the change from traditional industry manufacturing center to a fashion industry creativity center with creative design as the leading and make efforts to become the pioneer and demonstration area of domestic fashion industrial development.

By 2020, the fashion industry in Zhejiang will achieve the sales revenue of more than 650 billion yuan and the sales income of whole industrial chain in the fashion industry will reach more than 1 trillion yuan, training and forming 100 leading firms with domestically famous fashion brand, including 10 large-scale firms with more than 10-billion-yuan scale. Moreover, a number of provincial important firm design institutes with more than 100 designers and researchers will be developed, training 100 leading figures in the high-level design of fashion industry and importing a number of foreign famous designers. Meanwhile, Zhejiang will create three fashion and famous cities that are Hangzhou, Ningbo and Wenzhou to play a driven role in the leading of Zhejiang’s fashion industry, forming a good pattern of interactive development of fashion industry with metropolis and a number of distinctive fashion industry bases with great influence at home and abroad.

VI. Financial industry: clutching the opportunity to create the nation's leading financial landscape

In 2014, Zhejiang province achieved 293.35 billion yuan added value of financial industry with an increase of 8.0%. Total Amount of community financing maintains a high level. The community financing was 799.9 billion yuan in 2014, basically matching the status of total economy of Zhejiang Province. At the end of 2014, the balances and loan balances of the province were respectively 7.9242 trillion yuan and 7.1361 trillion yuan, ranking third and fourth in the country. The security trading is relatively large. In 2014, securities and futures business institutions in Zhejiang Province accumulated agent turnover was respectively 20.79 trillion yuan and 61.21 trillion yuan, both of which account for more than 1/10 of the country's total turnover. In 2014, the fact premium income and compensation expenses respectively were 125.8 billion yuan and 47.46 billion yuan with an increase of 13.4% and 5.2%. Depth of insurance and insurance density is respectively 3.1% and 2284 yuan per person. Other financial industries are developing prosperously. At the end of 2014, the total assets of provincial trust companies, finance leasing companies and financial companies were 147 billion yuan, and secured financing guarantee institutions totaled 79.2 billion yuan.

By 2020, Zhejiang will basically build major financial industrial pattern that plays a leading role in the country, a functional system of financial industry with distinctive characteristics and competitive finance leading industries. Two general goals will be achieved in terms of stages: first is the financial revenue target which by 2017 and 2020 shall respectively reach 1.2 trillion yuan and 1.6 trillion yuan; second is the added value targets of the financial industry. By 2017 and 2020, the share of added value of financial industry in GDP shall respectively reach 8.5% and 9%.

VII. High-end equipment manufacturing industry: improving industrial competitiveness by high and new technologies

By 2020 the scale of high-end equipment manufacturing output in Zhejiang Province will exceed 1.1 trillion yuan, with a proportion of equipment manufacturing industry in Zhejiang Province increasing to 25%, and Zhejiang will become an important base of high-end equipment manufacturing in China. At present, high-end equipment manufacturing industry in Zhejiang has already had the following advantages such as a good atmosphere of development, solid industrial basis and relatively higher level of agglomeration. In 2014, total output value of above-scale equipment manufacturing enterprises in the province was 2.2183 trillion yuan with an increase of 8.3% which is1.9% higher than increase in above-scale industries.

To develop the high-end manufacturing, Zhejiang province will put priority on the development of ten fields including new energy automobile and rail transportation equipment, high-end shipping equipment, photovoltaic and renewable energy equipment, efficient energy-saving and environmental protection equipment, intelligent textile printing and dyeing equipment, modern logistics equipment, modern agricultural equipment, modern medical equipment and devices, robots and intelligent manufacturing equipment and key components. 50 key enterprises with 10 billions , 5,000 equipment manufacturing industry of high-tech SMES with" high specialization " and 100 integrated manufacturing and industrial engineering companies will be developed; by 2020, 50 high-tech industrialization bases with a strong innovation capacity and market competitiveness and 10 modern equipment industrial high-tech parks will be formed.