On October 23, a press conference was held in Hangzhou to discuss the economic performance of Zhejiang Province in the first three quarters of 2024. According to the report, the province achieved a regional GDP of 62,618 billion yuan, marking a year-on-year increase of 5.4%.
During the conference, it was highlighted that the industrial economy in Zhejiang has shown steady growth, significantly driven by private enterprises. The added value of the industrial sector above a designated size increased by 7.8%, with private businesses contributing an impressive 8.6%. This sector’s contribution to the overall increase of industrial value added was 80%. Out of 38 major industrial categories, 31 reported year-on-year growth in added value, resulting in a growth coverage of 81.6%.
Notably, the production of key products in Zhejiang has seen rapid growth. For instance, service robots increased by 110%, smartphones by 49.4%, new energy vehicles by 37%, and integrated circuits by 30%.
In terms of disposable income, residents in Zhejiang reported an average disposable income of 52,206 yuan for the first three quarters, surpassing the 50,000 yuan mark for the first time, with a nominal year-on-year growth of 4.8%. Breaking this down, the average wage income, net operating income, net property income, and net transfer income saw nominal growths of 3.8%, 6.8%, 4.1%, and 6.7%, respectively. The income ratio between urban and rural residents stands at 1.75, a slight decrease from the same period last year by 0.03.
Moreover, Zhejiang has made significant strides this year in advancing the “Two New” initiatives, focusing on large-scale equipment upgrades and trade-ins for consumer products. This initiative has yielded notable results in both investment and consumption sectors.
On the investment front, the province has seen a 10% rise in technology upgrades for industrial enterprises and a 4.1% increase in manufacturing investments. Investments in ecological conservation, transportation, energy, and water resources jumped by 23.1%, while infrastructure investments grew by 15.8%. In terms of consumption, retail sales of wearable smart devices, smartphones, and new energy vehicles experienced remarkable growth rates of 55.6%, 48.6%, and 33.1%, respectively.
Chu Yingguo, the chief statistician and spokesperson for the Zhejiang Provincial Bureau of Statistics, stated that overall, the economic operation in the first three quarters remained stable with positive progress. However, he cautioned that there are still many unfavorable external factors at play, and further efforts are needed to sustain and enhance the rebound of the economy.
