Zhejiang Province leads the country in terms of economic development, private economy, business environment and per capita income. Its total GDP has ranked fourth for years among all provinces in the country. In 2021, its GDP amounted to RMB 7.35 trillion (or EUR 1.05 trillion), an increase of 8.5% over the previous year.

Similar to European countries, Zhejiang Province has a dynamic and well-developed private economy. In 2019, 93 Zhejiang enterprises entered the list of China's Top 500 private enterprises, ranking first among all provinces in China. And for more than 20 consecutive years, Zhejiang has kept the first place for the number of Top 100 private enterprises in the country. In 2021, the private economy in Zhejiang generated 73.4% of the province’s total tax revenue, and created an added value accounting for 67% of the province's GDP.

The health industry is a pillar of Zhejiang’s economy. In 2020, the total output of the health industry in the province reached RMB 1.00 trillion (or EUR 142.94 billion), with a growth rate of industrial added value at 10%, higher than the GDP growth rate of the province in the same period.

Hangzhou, the capital city of Zhejiang Province, has a unique charm deriving from its rich history and modern development. It was the host city of the G20 Summit in 2016 and will also host the 19th Asian Games in 2022. Hangzhou is home to the fast-growing clusters of China's digital economy and health industry. The headquarters of the internet giant Alibaba, as well as the R&D and production centres of many global pharmaceutical giants such as Pfizer, Merck, and Bayer, are in Hangzhou.