The development prospects for the newly established Qianwan New Area are looking bright, said a senior official of the municipal government of Ningbo, Zhejiang.

Chen Zhongchao, deputy executive mayor of Ningbo, made the statement at a news conference held on July 23.

Zhejiang's provincial government approved the establishment of Qianwan New Area on July 11 in a bid to boost development of the Zhejiang Great Bay Area, an economic and industrial belt centered around Hangzhou Bay.

The 604-square-kilometer area, which includes Ningbo's Hangzhou Bay New Zone and other areas bordering the zone, is one of the four new areas in Zhejiang's plan for the Great Bay Area.

"The key point of the new area's development is to deepen market-oriented reform, further open up to the outside world, and build an economic zone and iconic platform with more global competitiveness," added Chen.

According to the official, Ningbo will follow the overall guidelines laid out by the Zhejiang provincial government while continuing to flesh out the specifics of the plan, speeding up the development of key projects, and advancing the construction of public facilities for communication, electricity and sanitation.

In addition, the city will deepen cooperation with Shanghai in sci-tech, finance and other areas, and jointly explore new methods for transregional cooperation in the Yangtze River Delta region.

Chen also said the city will step up investment in auto manufacturing, high-end equipment, and new materials.