Taizhou, an econmic powerhouse in East China's Zhejiang province. [Photo/Taizhou.com.cn] 

Taizhou's industrial output, an important economic indicator, expanded 10.3 percent year-on-year in the first 11 months of 2018, ranking the second in Zhejiang province, local media reported on Monday.

Over the same period, the city's industrial value added in the sectors of high-tech and high-end equipment manufacturing increased 16 percent and 18.7 percent respectively, both being the fastest in the province.

In recent years, Taizhou has been on the fast lane of industrial growth, as seven key industries cluster in the city, including automotive and parts, aviation, molds and plastics, medicine and health, intelligent toilets and sewing equipment.

From January to November last year, the profits of the automobile and parts industry soared by 41.3 percent compared with the previous year to reach nearly 80 billion yuan ($11.7 billion) in Taizhou. An industrial cluster of 6,000-plus companies with the Zhejiang Geely Holding Group as its core has formed in the city.

Besides nurturing pillar industries, the city has also ramped up industrial transformation and eliminated facilities with backward production capacity. In the first three quarters of 2018, local authorities had urged 2,536 businesses with low efficiency to transform and upgrade and disapproved of the establishment of nearly 40 projects with high energy consumption.

Meanwhile, it has accelerated the pace of renovation on its old industrial zones and launched a three-year action plan to build new industrial parks tailored to micro and small companies. Statistics show that in 2018 a total of 52 such industrial parks were inaugurated in Taizhou, with 64 under construction.

In a bid to attract more high-profile enterprises to set down, Taizhou has also dedicated to the improvement of government services and efficiency, including streamlining the administrative approval procedures for investments. A staff member from the Zhejiang Yuanchuang Rubber Trak Co, which began operation in March last year, introduced that it merely took the company 15 weekdays to complete all the administrative approvals.

A workshop of the production base of the Zhejiang Geely Holding Grooup situated in Linhai, Taizhou. [Photo/taizhou.com.cn]