Chan-Hom, the ninth typhoon this year, landed at 4:40 pm in Zhujiajian township today, packing winds of up to 45 meters per second, the provincial meteorological station said.
About 1.07 million people in the province had been evacuated and 29,641 ships recalled to port.
More than 710,000 people and 81,460 hectares of farmland have been affected, according to the provincial flood control and drought prevention headquarters.
Some 94 houses collapsed and 11,224 enterprises were closed due to flooding.
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Direct economic losses are estimated at 1.947 billion yuan (USD 318 million). The worst hit sector is agriculture with a economic losses of 1.44 billion yuan, the report said.
So far nine counties have recorded over 100 mm of rain.
Over 600 flights were canceled yesterday in the cities of Hangzhou, Ningbo, Wenzhou and Taizhou.
China Southern Airlines and Air China, the two major carriers, canceled 339 and 144 flights respectively in east China today.
Zhejiang was battered by gales and torrential rain, forcing hundreds of flights to be canceled and highways to be closed.
So far, no casualties have been reported and the strength of the typhoon is waning and is moving northeast.
A number of villages were flooded and power and road access has been cut off.
Power supply to more than 200,000 household at 139 villages in the coastal city of Ningbo have been cut off since Friday night.
As of Saturday morning, nine counties had recorded more than 100 mm of rain since Friday.
In neighbouring Jiangsu Province, more than 46,000 people have been evacuated and 21,691 ships recalled to port.
Many flights were canceled out of Nantong and Nanjing.