East China's Zhejiang province recently announced it would set up a new provincial-level economic area in the coastal city of Taizhou, taking the number of new areas in the province to six.

The newly established Taizhou Bay New Area, which covers 138.46 square kilometers, is designed to consist of some industrial and economic zones on the bay, and will enjoy more preferential policies and other supportive resources for the regional economy.

The advantages of the private economy in Taizhou will be highlighted in the new area with resources being better allocated and industrial upgrading accelerated. According to the province's official plan, the Taizhou Bay New Area is expected to lead the Yangtze River Delta region in the high-quality development of the private economy.

In March, the Taizhou government announced a plan to ramp up efforts in funding, land and industrial policies for the building of Taizhou Bay New Area.

Next, the new area will stick to institutional innovation and establish a new management team.