The Zhejiang Development and Reform Commission announces an action plan to extend westward an economic corridor connecting Yiwu, Ningbo, and Zhoushan at a press conference in Hangzhou on Nov 25. [Photo/zj.zjol.com.cn]

The Zhejiang Development and Reform Commission hosted a press conference to announce an action plan to extend westward an economic corridor passing through Yiwu, Ningbo, and Zhoushan in Zhejiang province on Nov 25.

Construction on the Yiwu-Ningbo-Zhoushan economic corridor was launched by the provincial government in 2016 as one of Zhejiang's signature mega projects in response to the central government's 13th Five-Year Plan (2016-2020).

The economic corridor builds upon the transport interconnectedness created by the Ningbo-Zhoushan Port, Yiwu Land Port, Ningbo-Jinhua Highway, and Jinhua-Ningbo-Zhoushan Railway. Through the construction of transportation infrastructure, Zhejiang aims to strengthen ties between the Ningbo-Zhoushan Port, the world's largest port in terms of cargo throughput, and Yiwu, the world’s leading small commodities market, in hopes of boosting the economic integration, openness, and competitiveness of the region.

The new action plan to extend the corridor westward will be underway from 2021 to 2025 and will involve 55 projects, which are expected to cost a total of 404.4 billion yuan ($61.5 billion).

According to the action plan, Zhejiang authorities will extend the economic corridor westward through five primary means, including the upgrading of existing transport hubs, the westward extension of logistics and trade networks, and the launch of cooperation programs between cities in western and eastern Zhejiang for scientific innovation and environmental restoration.

The new economic corridor will center on the seats of the county-level city of Yiwu and the prefecture-level city of Jinhua, which administers Yiwu. A significant number of the aforementioned new projects will be established in Quzhou, the westernmost prefecture-level city of Zhejiang.