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Zhejiang Responds Positively to Expected WTO Entry
East China's Zhejiang Province, which ranks fourth in the country in terms of GDP, will introduce more advanced equipment and related technology from abroad to upgrade its traditional industries while promoting high-tech ones.
An official with the provincial government said that imported equipment and technology will mainly be used to transform textiles, machinery, building materials, metallurgical and chemical products.
The decision is part of Zhejiang's endeavor to prepare itself for possibly stronger competition after China enters the World Trade Organization (WTO).
According to the official, Zhejiang has taken a series of steps to accelerate development of new and high-tech industries such as information technology, bio-pharmaceuticals, and new materials over the past decade.
This year the province will also encourage more enterprises to invest overseas, especially in Latin America, Africa and other Asian countries.
Several dozens of enterprise groups will be created as well to help increase the competitiveness of the province in the international market.
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