East China's Zhejiang province is to enhance the initiative of advancing a higher-level open economy, according to a press conference held on Dec 17 in Hangzhou.

The goals of this initiative can be summarized as follows: to enhance resource allocation capacity, global influence, institutional innovation, and international competitiveness; to ensure optimal services, highest efficiency, and lowest costs; and to strengthen Zhejiang's voice and influence in pricing and policy-making.

Specific measures were outlined for the coming years.

The province will establish high-standard resource allocation hubs for bulk commodities while deepening reforms in international trade and free trade zones to better align with international trade rules and develop a digital trade port centered around Ningbo-Zhoushan Port, the China-Europe railway logistics center and civil aviation, thereby enhancing its global reach.

Zhejiang seeks to achieve breakthroughs in digital trade and cross-border e-commerce, exploring new models, pathways, and business types to improve the quality of economy.

Efforts will be made to enhance the impact of the China Digital Industry Fair, the World Internet Conference Wuzhen Summit, and the Liangzhu Forum for developing the exhibition economy to better use exhibitions as a platform to promote trade.

Plans are initiated to cultivate more multinational corporations and attract foreign investment, focusing on promoting the linkage between trade and industry while optimizing industrial layout.

To facilitate and standardize trade and investment processes, Zhejiang will concentrate on creating a stable, transparent, and predictable business environment.

Zhejiang has thrived by harnessing innovation, reform, and openness. According to customs statistics, from January to November this year, Zhejiang's foreign trade import and export volume reached 4.81 trillion yuan ($660 billion), marking a year-on-year increase of 6.9 percent compared to the same period last year. Among this, exports accounted for 3.57 trillion yuan, with an annual growth of 9 percent. This growth rate positions Zhejiang among the top in coastal provinces in China.

Reporter Ye Chiying