After over 20 years of development since the reforms and opening-up of China, Zhejiang is now a province with a strong economy, with industry as its leading sector.

Zhejiang has four major ports in Ningbo, Zhoushan, Zhapu, Haimen and Wenzhou. Among them, Ningbo Zhoushan Port are the largest iron ore and oil transshipment bases in China respectively. Together with Shanghai Port, these ports in Zhejiang have become the gateway to the world for China.

In the past, light industry played a major role in the provincial economy. However, fuelled by the development of the economy and foreign investment, the industrial structure has changed since 2003. In 2006, heavy industry contributed RMB 318.8 billion, accounting for 56.4% of the total value-added industrial output in Zhejiang.

By the end of 2006, Zhejiang had 13 state-level and 57 provincial-level development zones. In 2006, the total GDP of the 70 development zones amounted to RMB 172.7 billion, accounting for 11% of Zhejiang's total GDP. Among them, high-tech industries contributed about 40% of the total value.

Zhejiang began carrying out reforms in scientific research institutes relatively early. It explored ways to combine the essential factors of production, such as technology and management, with income distribution.