The Qiantang section of the Hangzhou area of the China (Zhejiang) Pilot Free Trade Zone (FTZ) is officially launched in Shanghai on Nov 9 [Photo/hangzhou.com.cn]

The Qiantang section of the Hangzhou area of the China (Zhejiang) Pilot Free Trade Zone (FTZ) was officially launched in Shanghai on Nov 9, local media reported.

The launch ceremony was intended to compliment Hangzhou's role in the 3rd China International Import Expo and saw the signing of 30 projects with a total investment of 11 billion yuan ($1.67 billion). The projects focused on fields such as bio-pharmaceuticals, intelligent manufacturing, integrated circuits, and cross-border e-commerce.

More than 200 companies have set up operations in the Qiantang section since it was approved by the State Council as an expansion to the FTZ in Zhoushan and its outlying islands on Sept 24.

Covering an area of 10.1 square kilometers, the section accounts for just 1.8 percent of the land area in Qiantang New Area but is expected to generate over 11 percent of the region's GDP and 21 percent of its total industrial output. It is also expected to attract more than 4,000 companies, six of which are expected to be listed companies and 15 of which are expected to receive investment from Global Top 500 companies.

The Hangzhou area, which administers the Qiantang section, is set to become a nationally-leading pilot development zone for new-generation artificial intelligence technologies, a national-level fin-tech innovative development pilot zone, and a world-class cross-border e-commerce demonstration center.