A meeting was held in Jiashan, the demonstration zone for green and integrated ecological development of YRD, on Oct 20 on making use of the resources of business associations in the YRD, local media reported.

Agreements for seven projects with more than 700 million yuan ($104.95 million) in investment were signed at the meeting, including four with over 100 million yuan in investment.

Nine chambers of commerce and industry of cities in the YRD, including Jiaxing and Huzhou in Zhejiang, Shanghai, Suzhou and Nantong in Jiangsu, and Anqing in Anhui, signed a strategic cooperation agreement to pursue coordinated development in more fields.

"We need to contribute to 'internal circulation' – enlarge the domestic cycle of production, distribution, and consumption – based on the integrated development of the YRD," said Zhang Huaming, chairman of the Jiaxing Chamber of Commerce and Industry and president of EP Yaying Fashion Group Co Ltd.

Zhang said he believes that private companies should cooperate with companies in the same industrial chain in order to achieve "internal circulation".

For example, Yaying has worked with partners in its industrial chain to lift the Aba Tibetan Qiang autonomous prefecture in Sichuan province out of poverty by making use of local yak wool and launching a series of products, including sweaters, overcoats, and accessories.

He noted that while processing raw materials and developing products, all participating companies realized that close cooperation between companies in the same industrial chain will lead to an optimized industrial layout, increase efficiency, and lower costs.

According to Zhang, he also led the establishment of the Jiaxing Fashion Industry Development Alliance in the YRD in late September.

"The fashion industry is one of eight 100-billion-yuan major industries in Jiaxing and has the largest workforce in the city," said Zhang, "The alliance will accelerate the development of the modern textile industry in Jiaxing through inter-field and cross-regional cooperation."