ZHOUSHAN -- China's fourth national-level development zone, Zhoushan Islands New Area, was officially inaugurated in coastal Zhejiang Province on Wednesday.

Zhejiang Vice Governor Sun Jingmiao took the post as chief of the administration committee of the new area.

Taking advantage of its location on the East China Sea, Zhoushan Islands New Area is planned as a pilot zone to boost the country's marine economy, which was pinpointed as a national development priority during November's 18th National Congress of the Communist Party of China.

Sun said at the inaugural ceremony on Wednesday that the new area, which will be bolstered by modern marine industries, will strive to realize an investment target of over 300 billion yuan ($48 billion) in three years.

The administrative committee has laid out an agenda to build bulk marine commodity storage, transportation and trading centers, and set up a free-trade park and a free-port area, according to the vice governor.

China set up its first national-level new area in Pudong, Shanghai, in 1992, and it has proved to be an engine for improving the international competitiveness of the flourishing Yangtze Delta region.

The Tianjin Binhai New Area was then established in 1994 as a new growth engine around Bohai Bay in north China.

The Liangjiang New Area in west China's municipality of Chongqing followed in 2008 as a pilot area for comprehensive urban-rural reform.

Zhoushan is the country's first national-level new area to be set up in a prefecture-level city instead of a municipality. Zhoushan city is composed of 1,390 islands, the largest of which is named Zhoushan and has a land area of 502 square km. The sea area holds China's largest offshore fishing ground.