The Zhejiang Development and Reform Commission hosts a news conference on June 9 about the province's development program for the Yiwu-Ningbo-Zhoushan corridor during the 14th Five-Year Plan (2021-25) period. [Photo/zj.zjol.com.cn]

The Zhejiang Development and Reform Commission hosted a news conference on June 9 about the province's development program for the Yiwu-Ningbo-Zhoushan corridor during the 14th Five-Year Plan (2021-25) period.

According to the program, the two city clusters respectively centered on Ningbo-Zhoushan and Jinhua-Yiwu will become dual hubs for the Yiwu-Ningbo-Zhoushan corridor.

The authorities also stressed on the development of Shaoxing, which lies between the two aforementioned clusters, as well as the corridor's westernmost city of Quzhou, which boasts a special location in the intersection of four provinces of Zhejiang, Fujian, Jiangxi, and Anhui.  

The corridor is expected to benefit from the ongoing construction of the 21st-Century Maritime Silk Road and the Yangtze River Economic Belt, two national-level development strategies rolled out in the corridor's surrounding regions.

Zhejiang authorities hope to turn the corridor into an economic powerhouse and a success case for the country's "dual-circulation" development pattern.

Zhejiang authorities also announced the development goals that the corridor should achieve by 2025. The goals span seven areas: economy, transportation, logistics, trade, e-commerce, manufacturing, and environment.

The Ningbo-Zhoushan Port is expected to be ranked among the world's top 8 in the "Xinhua-Baltic International Shipping Center Development Index", while the Jinhua-Yiwu Port is set to become the largest international land port in the Yangtze River Delta region.

The corridor will account for more than 60 percent of the province's foreign trade volume. The annual transaction volume conducted in the Yiwu market for small commodities, both online and offline, is expected to reach 700 billion yuan ($109.5 billion). Exports made through cross-border online retailers based in the corridor is expected to make up more than 60 percent of the provincial aggregate.