Situated on the southeast coast of China and south of the Yangtze River Delta, Zhejiang province covers more than 100,000km2 and has a population of 44 million. Hangzhou is the province's capital. With light industry as its principle activity, Zhejiang's economy is characterized by developed processing industries and a large number of small and medium size enterprises. Since the "Reform and Opening-up", Zhejiang has experienced rocketing economic development.

Its economic position in China has now ascended to the 4th place, up from the 7th in 1990. In 1999, its GDP rose by 10.0% to Yn535bn (US$64.5bn); GDP per capita went up 9.5% to Yn11,993, ranking the 4th in China. Up to date, Zhejiang has tied up "sistership" relation with provinces, states, cities and counties in 21 countries such as Japan, Korea, USA and Germany. The province has also established business relations with more than 190 countries and regions worldwide. With import and export accounting for nearly 30% of its GDP, foreign trade has become an important driving force for the province's economic development. Throughout the province, there has primarily formed an opening-up pattern at all levels and in a wide range, with Hangzhou, Ningbo, Wenzhou and other coast cities as forerunner, and various national/provincial economic development zones as the main part. Along with rapid development in economy, the investment environment of Zhejiang is improving as well. With the completion of Shanghai-Hangzhou-Ningbo expressway and Jinhua-Wenzhou railway, Zhejiang's communication facilities have improved significantly with the combination of high, rail, air and waterways.

Programmed telephones are popular in all counties, so with pager and mobile phone services. Power networks construction has entered a new stage, featuring jumbo generating units, larger plants, wider reach, super high voltage and higher degree of automation. The Qinshan Nuclear Power Plant located in Haiyan county is becoming a key nuclear power base in China. Commanding a 6,400km-long coastline, 3,061 islands and 42,400 km2 of ocean area (of both inner and marginal sea), Zhejiang boasts, from north to its south, a number of ports represented by five major ones: at Ningbo, Wenzhou, Zhoushan, Zhapu and Haimen. The Beilun Port at Ningbo, particularly, boasts China's largest 3rd/4th generation container terminals, plus 14 berths of 25,000-200,000 ton class, which are able to accommodate vessels up to 200,000 ton class.

The port's throughput ranks the 2nd in mainland China. Taking its advantage in fishing, port, tourism and oil resources, Zhejiang is exerting great effort in developing ocean fishing, shipping, chemical and port industries. In the 21st century, Zhejiang will hopefully emerge as the leading electric power provider and heavy chemical industry base of East China and, naturally, a giant of ocean-based economy. Zhejiang is blessed with mild climate and beautiful landscapes. It has 7 national and 23 provincial scenic spots, and some 230 specially-protected cultural & historical sites of state/provincial values. The picturesque Westlake, the grandiose Qiantang Tide, the summer resort at Mt. Mogan, the coastal Buddhist world of Putuo, Mt. Yandang with picturesque peaks and lush green forests.... all are famous scenic spots sought after by domestic and foreign tourists.

Zhejiang is the cradle and gathering place of numerous talents. Praised as "the birthplace of craftspeople", Zhejiang has a labor force which is adept at business and management. Over a million Hong Kong, Macao and Taiwan compatriots, plus overseas Chinese share a common Zhejiang origin; many of whom are industrial and commercial celebrities. During the next 5 years, it is imperative to further boost our export-oriented economy, and adapt to an operation mode that is consistent with international practices. Substantial breakthrough will be made in the strategic re-adjustment of economic structure; and the technical level, profitability and competitiveness of major industries will be promoted, in order to lay a solid foundation for the primary realization of modernization throughout the province by 2020.