In order to actively respond to China's Belt and Road Initiative, Zhejiang province is encouraging local companies to seek overseas business opportunities and form partnerships.

The initiative is thus far proving a success and Zhejiang companies with contrasts contracted projects in other countries achieved a turnover of $1.77 billion in the first quarter of 2017, a year-on-year growth of 1.67 percent, according to the Department of Commerce of Zhejiang province. The number in countries along Belt and Road Initiative was $707 million, accounting for 39.1 percent of the total.

"There are a lot of business opportunities along the Belt and Road Initiative, particularly in infrastructure construction, electrical companies, transportation and communication sectors. It is in these sectors that Zhejiang companies have strong advantages," said Zhang Shuming, director in charge of foreign economic cooperation at the provincial commerce department.

Private companies are encouraged to team up in their foreign ventures in order to successfully compete with State-owned enterprises.

"Alliances involving good companies specializing in design, construction and operations are able to carry out projects faster and more efficiently," says Lei Ming, deputy general manager of Power China Huadong Engineering Corporation Limited. The corporation, headquartered in Hangzhou, is a pioneer when it comes to overseas expansion and has acquired contracts across a range of countries including Vietnam, Thailand, and Myanmar.

Zhejiang will soon establish a service platform aiding companies engaged in transnational operations. Scholars from universities and intermediary agents will be invited to provide suggestions and advice for enterprises.

Zhejiang Orient Engineering Co Ltd signs a contract with a Turkish energy group in June of 2016, to build a coal fired power plant which is expected to produce 12 billion kilowatt-hours of electricity each year. The project will be jointly completed by three Zhejiang companies. [Photo/cztv.com]