The Development and Reform Commission in Zhejiang province has released a new program to establish a “One Belt One Road” experimental zone in Ningbo city, the 21st Century Business Herald reported.
The scheme is expected to help expand trade with One Belt One Road countries for a total value of US$40 billion by 2020. Five new international routes and five new airlift cargo routes will be created.
The total number of foreign industrial parks will be boosted to five, which will hike the total amount of foreign investment by US$2.5 billion.
According to the plan, by 2020, the zone would also have a port and shipping logistic centre, special districts for trade and investment, tech and industry, as well as financial and insurance services and cultural exchange.
Ningbo’s GDP was 854.1 billion yuan (US$128.8 billion) in 2016, with 214.6 billion yuan in annual revenue. Its industrial output reached 376.7 billion yuan, while its total volume of imports and exports hit 626.2 billion yuan.