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Hangzhou Bay Shangyu Economic and Technological Development Zone was established in 1998, and was upgraded to a national-level economic and technological development zone by the State Council in 2013. It is China's industrial demonstration park, national circular transformation demonstration pilot park, the strongest manufacturing industry cluster in the Yangtze River Delta, and one of the most advanced national development zone in Zhejiang province. It is also creating a national eco-industrial demonstration park.

The development zone is located on the south bank of Hangzhou Bay, near Shanghai, Hangzhou and Ningbo. It takes 90 minutes to drive to Shanghai, and 40 minutes to Hangzhou Xiaoshan International Airport and Ningbo Lishe International Airport. A 3,000-ton heavy-duty terminal in the zone has been put into trial operation, and an impounded harbor with an annual throughput of 10 million tons is under consideration.

Covering a planned area of 133 square kilometers, the zone has so far attracted 205 enterprises and investment of 130 billion yuan ($18.27 billion).

In 2017, the zone achieved total industrial output value of 110 billion yuan, tax revenue of 2.6 billion yuan, and fixed asset investment of 15.7 billion yuan, ranking among the top in comprehensive evaluations of national development zones.

The development zone puts emphasis on developing modern medicine and new materials, automotive and parts manufacturing, and high-end equipment industries. There are currently 30 pharmaceutical manufacturing enterprises in the zone, with an output value of 15 billion yuan in 2016, and 38 new material enterprises, with an output value of 16.5 billion yuan in 2016.

Several enterprises in the development zone have set up overseas research and development teams in the United States, Canada and other countries, providing strong technical support for domestic production enterprises.