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Zhejiang浙江

Regional Economy Outlook Video


Overview

Pavilion on the West Lake of Hangzhou.

Zhejiang Province is situated on China's southeast coast, just south of Shanghai. Along with the neighboring province of Jiangsu, Zhejiang Province serves as Shanghai’s hinterland and the heart of China’s prosperous east coast. Zhejiang has grown rapidly into a dynamic foreign trade area with a highly developed regional economy. A new high-speed railway system connects Zhejiang to the business routes of the Yangtze River Delta, including Shanghai. Zhejiang is regarded historically and culturally as one of China’s richest provinces. More than 230 cultural relic sites in Zhejiang are under the protection of the state government. Jianglang Mountain and the West Lake of Hangzhou were added on UNESCO World Heritage List in 2010 and 2011 respectively.

Secretary of the CPC Municipal Committee:Xia Baolong
Governor:Li Qiang
Population:55.08 M
Largest citiesFootnote 1:Provincial capital: Hangzhou (8.7 M)
Wenzhou (9.1 M)
Ningbo (7.6 M)
Area:101,800 km2
Twinning relationships and sister cities in Canada:Ningbo – Surrey, British Columbia
Port of Ningbo – Port of Prince Rupert, British Columbia
Tongxiang – Welland, Ontario
Special Economic Zone (SEZ) and development zones:Cixi Export Processing Zone
Daxie Development Zone
Hangzhou Economic and Technological Development Zone
Hangzhou Export Processing Zone
Hangzhou High-tech Industry Development Zone
Jiaxing Export Processing Zone
Ningbo Daxie Development Zone
Ningbo Economic and Technological Development Zone
Ningbo Free Trade Zone
Ningbo High-tech Industrial Development Zone
Ningbo Meishan Bonded Area
Wenzhou Economic and Technological Development Zone
Wuhan Export Processing Zone
Xiaoshan Economic and Technological Development Zone
Zhejiang Ningbo Export Processing Zone
Zhoushan Port Comprehensive Bonded Zone

Responsibility for Canadian interests in Zhejiang is managed by the Embassy of Canada to China, the Canadian Consulate General in Shanghai and the Canadian Trade Office in Hangzhou.

Economic Profile

The below exchange rate was from the Bank of Canada's website: On 20 May 2016, 1.00 Chinese renminbi(s) = 0.20 Canadian Dollar(s), at an exchange rate of 0.2006 (using nominal rate).

IndicatorValueProvincial Rank
Gross Regional Product (GRP)3,467 B CNY ($601 B CAD)4/31
GRP per capita63,374 CNY ($10,989 CAD)6/31
  • Zhejiang has pioneered its own development model, based on encouraging entrepreneurship and an emphasis on small businesses that are responsive to market trends. This has resulted in the production of low cost goods in bulk for both domestic consumption and export.
  • The Ningbo-Zhoushan port in Zhejiang Province is a large comprehensive harbor with a handling capacity of 100 million tons. It is open to over 600 ports and its annual goods throughput has exceeded 809 million tons, ranking it first in China and first in the world.
  • Zhejiang is a leading province in e-commerce, modern logistics and technology services. Alibaba, the world's largest e-business platform, is headquartered in Hangzhou. In 2013, the e-commerce transaction volume in Zhejiang reached about 1,600 B RMB ($276.8 B CAD).
  • The industrial cluster of machine-building in Hangzhou, chemical and auto-accessories in Xiaoshan, garment in Ningbo, shoes in Wenzhou, hardwares in Yongkang, leather in Haining, textiles in Shaoxing, neckties in Shengzhou and ship-making in Zhoushan has contributed to creating famous regional brands.
  • Zhejiang Province is actively promoting industrial innovation, speeding up the development of its advanced manufacturing industrial base, thus turning its manufacturing economy into a booming creative economy.
  • Zhejiang Province shares strong economic ties with Taiwan who represents a large source of investment.
  • Zhejiang province is famous for its tea production (notably the renowned Longjing tea) and its silk production.
  • Hangzhou, Zhejiang’s provincial capital, has a strong reputation in information technology, software development, telecommunications and electronics. The city is renowned for its high living standards and well-developed infrastructure, and is located only 170 kilometers from Shanghai.
  • Ningbo is a key investment city and an important base for a large swathe of industries. It is renowned for its garment manufacturing and its electronic industry.
  • Others, Wholesale and Retail Trades, and Financial Intermediation are the three biggest sectors of the Service industry in 2014, composing 17.1%, 12.2% and 6.9% of the GRP respectively.

GRP Composition

Pie Chart showing GRP Composition (Services 48%, Industrial sector 48%, and Natural Resources Exploitation 4%)

Source: 2015 National Bureau of Statistics of China

Canadian Business in Zhejiang

More than 35 Canadian entities are doing business in Zhejiang, including BioPharma Services Inc., Ethical Bean Coffee Company, IMAX, Magna, Manulife, Mission Hill Family Estate, Whistler Chocolate and Whistler Water.
Examples of Canadian business success stories in Zhejiang include the following:

Canada Metal (Pacific) Ltd., based in British Columbia, is a global supplier of non-ferrous metal products for marine products, hydraulics, telecommunications and electronics. It owns and operates Ningbo Jiada Specialty Metals Ltd.’s manufacturing plant in Zhejiang since 2005. A 7.2 million investment helped to develop this superior infrastructure,  ensuring the production and distribution of commercial and recreational marine products. 

Phase Separation Solutions Inc. (PS2) and Shanghai Phase Separation Environmental Technology (PS2 China),are wholly owned subsidiaries of the publicly traded Newfoundland company West Mountain Environmental. Since 1996 , PS2 has been using their patented Thermal Phase Separation(TPS) technology and Portable Oil Sludge Treatment and Recovery (POSTR) system to remediate contaminated sites and reclaim hydrocarbons from hazardous oilfield waste. Since 2006, PS2 has been in China operating  across Shanxi, Zhejiang and Jiangsu Provinces and plans to expand into Guangdong in 2015.  Current operations include the remediation of a site impacted by 150,000 tonnes of pesticide in newly developing East Hangzhou, partnership in a fixed hazardous oil sludge treatment facility, and joint operation of a tank bottoms recovery facility. Working with its new partner Jereh Energy Services of Yantai, its unique technology is effectively converting traditionally incinerated hazardous oilfield waste into a valuable resource. PS2 has successfully established joint ventures with the Nanjing Institute of Environmental Science (NIES) and Zhoushan Nahai Solid Waste Central Disposal Co. Ltd. in Zhoushan, Zhejiang and strategic partnerships with a number of other established Chinese environmental companies.

Trade and Investment

Bilateral trade: $1,132.7 2

Exports

Hangzhou exports to the world:$72,968.4 M
Hangzhou exports to Canada:$551.0 M

Hangzhou's top exports to Canada

Furniture; Bedding, Cushions Etc.; Lamps And Lighting Fittings Nesoi; Illuminated Signs, Nameplates And The Like; Prefabricated Buildings:$99.6 M
Nuclear Reactors, Boilers, Machinery And Mechanical Appliances; Parts Thereof:$75.1 M
Vehicles, Other Than Railway Or Tramway Rolling Stock, And Parts And Accessories Thereof:$63.1 M
Articles Of Iron Or Steel:$29.4 M
Ceramic Products:$28.3 M
Plastics And Articles Thereof:$28.0 M
Articles Of Apparel And Clothing Accessories, Knitted Or Crocheted:$27.7 M

Hangzhou's top exports to the world

Plastics And Articles Thereof:$6,438.3 M
Nuclear Reactors, Boilers, Machinery And Mechanical Appliances; Parts Thereof:$5,774.1 M
Electrical Machinery And Equipment And Parts Thereof; Sound Recorders And Reproducers, Television Recorders And Reproducers, Parts And Accessories:$5,686.9 M
Furniture; Bedding, Cushions Etc.; Lamps And Lighting Fittings Nesoi; Illuminated Signs, Nameplates And The Like; Prefabricated Buildings:$4,098.3 M
Ships, Boats And Floating Structures:$4,054.5 M
Articles Of Apparel And Clothing Accessories, Knitted Or Crocheted:$3,806.9 M
Footwear, Gaiters And The Like; Parts Of Such Articles:$3,556.0 M

Imports

Zhejiang imports from the world:$45,695.4 M
Zhejiang imports from Canada:$581.7 M

Zhejiang's top imports from Canada

Pulp Of Wood Or Other Fibrous Cellulosic Material; Recovered (Waste And Scrap) Paper And Paperboard:$122.1 M
Ores, Slag And Ash:$101.0 M
Mineral Fuels, Mineral Oils And Products Of Their Distillation; Bituminous Substances; Mineral Waxes:$91.1 M
Oil Seeds And Oleaginous Fruits; Miscellaneous Grains, Seeds And Fruits; Industrial Or Medicinal Plants; Straw And Fodder:$76.6 M
Nickel And Articles Thereof:$38.7 M
Aircraft, Spacecraft, And Parts Thereof:$30.5 M
Furskins And Artificial Fur; Manufactures Thereof:$22.3 M

Zhejiang's top imports from the world

Mineral Fuels, Mineral Oils And Products Of Their Distillation; Bituminous Substances; Mineral Waxes:$17,866.4 M
Ores, Slag And Ash:$5,417.0 M
Organic Chemicals:$2,388.6 M
Oil Seeds And Oleaginous Fruits; Miscellaneous Grains, Seeds And Fruits; Industrial Or Medicinal Plants; Straw And Fodder:$2,250.9 M
Electrical Machinery And Equipment And Parts Thereof; Sound Recorders And Reproducers, Television Recorders And Reproducers, Parts And Accessories:$1,876.3 M
Nuclear Reactors, Boilers, Machinery And Mechanical Appliances; Parts Thereof:$1,779.8 M
Copper And Articles Thereof:$1,770.3 M

Foreign Investment Opportunities in Zhejiang

The favorable investment environment in Zhejiang Province significantly attracted foreign investment in the region. By the end of 2013, there had been over 52,577 foreign-invested enterprises in Zhejiang with a foreign investment value worth $138.82 B CAD, and 166 businesses of the Fortune 500 are present in Zhejiang. 

The State Council Information Office and the China International Publishing Group in Beijing highlighted the following industries as being the most encouraged for foreign investment in Zhejiang:

  • Agriculture
  • Electronic industry
  • Telecommunication
  • Machine-building industry
  • Petro chemistry industry
  • Pharmaceutical industry

Education

There are many educational linkages between Canadian universities and Zhejiang educational institutes, including multiple exchange partnerships.

  • In May of 2013, a joint Master in Global Manufacturing and Supply Management Program was launched between Zhejiang University and McGill University. The students will be granted a Master in Management degree from McGill University and a Master in Business Administration (MBA) degree from Zhejiang University.
  • Zhejiang University also has another program with Simon Fraser University in which Canadian and Chinese students can earn a degree in computer science from both universities at the undergraduate and graduate levels. This program has been awarded the Canadian Bureau for International Education (CBIE) Panorama Award for Outstanding International Education Program from the CBIE.
  • University of Alberta’s Faculty of Medicine & Dentistry (FoMD) has strong education, training, and research collaborations with Zhejiang University, focusing mostly on diabetes, surgery and neonatology.
  • There is a Canadian Studies Centre at Ningbo University.
  • According to the Canadian Information Centre for International Credential (CICIC), there are 3 Canadian certified offshore elementary and secondary school programs in Zhejiang.

For more information, please visit Canada’s International Education Strategy in China’s website.

Recent High-level Visits

Recent visits

  • Hon. Justin Trudeau, Prime Minister of Canada (Sept 2016)
  • Hon. Bill Morneau, Minister of Finance (Sept 2016)
  • Hon. Chrystia Freeland, Minister of International Trade (Sept 2016)
  • Hon. Victor Oh, Senator, Ontario (August 2016)
  • Hon. Deron Bilous, Alberta Trade Minister (Mar.2016)
  • Hon. Dominique Anglade, Quebec Minister for Economy, Science and Innovation (Sept. 2015)
  • Hon. Minister Michael Chan, Minister of International Trade, Ontario (April 2015)
  • Hon. Teresa Wat Minister of International Trade, Hon. Andrew Wilkinson, Minister of Advanced Education, BC (March 2015)

Footnotes

Footnote 1

Taken from the 2010 Population Census of the People’s Republic of China.

Return to footnote 1 referrer

Footnote 2

Zhejiang’s trade data is based on 2015 statistics from the General Administration of Customs of the People’s Republic of China (GACC). Please note that GACC’s statistics are calculated by port of entry and exit, and as such may not represent the exact internal provincial consumption.

Return to footnote 2 referrer

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Date Modified:
2016-09-09