Ningbo and Wenzhou are two major cities more than 200 kilometers from each other in southeast Zhejiang province. In February 2018, the State Council approved the establishment of a national independent innovation demonstration zone in Ningbo High-tech Industrial Development Zone and Wenzhou High-tech Industrial Development Zone. 

The goal of the demonstration zone is to become a world-class new materials and intelligent manufacturing innovation center based in Ningbo, and a national-level life health and smart equipment innovation center taking Wenzhou as its core.

It aims to become a national private economy innovation and entrepreneurship incubator. By 2022, the research and development investment in the zone is expected to account for 5 percent of the total GDP of the two cities. 

Various research institutes in Ningbo such as the Ningbo Institute of Industrial Technology, CAS, help to bolster the new materials industry. While in Wenzhou, the construction of the State Key Laboratory of Optometry and Visual Science in Wenzhou Medical University and the rise of a large number of medical device companies have blazed a new trail in regional development.

Up to now, a series of innovation centers such as Ningbo Joint Academy of New Materials, Beihang University Ningbo Innovation Research Institute and the Life Science Innovation Center of Fudan University have been established. Several major technologies and strategic products have been developed. Implementation of projects such as the Beidou Industrial Base and the Digital Economy Industrial Center are under consideration.