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China's third-biggest exporter province Zhejiang will help its businesses tap into the large and more predictable domestic market due to the uncertain and unstable global environment and help meet policymaker calls for adopt the domestic-driven Dual Circulation model, the provincial government said in a statement to MNI.
Authorities will provide logistical support, unify product standardization and expand domestic sales channels, the government said by WeChat in response to questions posed by MNI. With a population of over 50 million, Zhejiang is China's fourth-largest regional economy. Zhejiang, which also accounted for 14% of China's exports last year, said it will try to use its export competitive advantages to expand eCommerce, trade services, and overseas warehousing. First-quarter exports rose 39% over a year ago, it said.
Home to China's top tech firm Alibaba Group, Zhejiang will also push for innovation to diversify its economy and to be self-reliant in core technologies, the government said.