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The Oxford Companion to the Economics of China$
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Shenggen Fan, Ravi Kanbur, Shang-Jin Wei, and Xiaobo Zhang

Print publication date: 2014

Print ISBN-13: 9780199678204

Published to Oxford Scholarship Online: December 2014

DOI: 10.1093/acprof:oso/9780199678204.001.0001

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Economic development

(p.579) 98Zhejiang
The Oxford Companion to the Economics of China

Jinchuan Shi

Oxford University Press

This chapter discusses the economic development of Zhejiang province which, located in the southern part of the Yangtze Delta on the southeast coast of China, is one of the most densely populated provinces in China. From 1978 to 2011, GDP there rose from Renminbi (RMB) 12.3 billion ($1.9 billion) to RMB 3,200 billion ($495 billion). By 2011, the level of urbanization of Zhejiang province had reached 60 per cent and the value added of the primary, secondary, tertiary industries accounted for 4.9 per cent, 51.3 per cent, and 43.8 per cent of the regional GDP, respectively. This data show that the rapid emergence of a private sector combined with market-oriented economic reforms has propelled Zhejiang province into the middle or later stage of industrialization.

Keywords:   economic development, economic policy, regional economy, regional development, industrialization

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