Taizhou Bay New Area is officially inaugurated in Taizhou, East China's Zhejiang province on Aug 20. [Photo by Hou Minhao/chinadaily.com.cn]

Taizhou Bay New Area was officially inaugurated in Taizhou, East China's Zhejiang province on Aug 20. 

The Zhejiang Provincial People's Government approved the establishment of Taizhou Bay New Area on July 3, making it the sixth provincial new area in Zhejiang, following Hangzhou Qiantang New Area, Ningbo Qianwan New Area, Shaoxing Binhai New Area, Huzhou Southern Taihu Lake New Area, and Jinhua Jinyi New Area. 

The area is designated to be a hub for emerging strategic industries and for significant innovation in southeast Zhejiang, which will effectively support the high-quality development of Taizhou.

With a total area of 138.46 square kilometers, the newly established area consists of four sections situated in Taizhou Bay Circular Economy Industrial Accumulation Area, Taizhou High-tech Industrial Park, Binhai Industrial Area, and Jiaojiang district respectively.

As of the end of 2019, the area was home to 317 enterprises above designated size, including 74 high-tech enterprises and three A-share listed companies.

Among them, 250 industrial enterprises above designated size achieved a total output value of 36.526 billion yuan ($5.29 billion) last year. Their exports totaled 6.44 billion yuan over the period.