The economy of Shaoxing in East China’s Zhejiang province in 2022 showed a V-shaped rebound and grew to 735.1 billion yuan ($108.35 billion), up 4.4 percent year-on-year, according to statistics released by local authorities.

The city’s foreign trade last year totaled 369.2 billion yuan, a year-on-year increase of 23.3 percent. Specifically, exports reached 340.9 billion yuan, up 23.7 percent year-on-year, 13.2 percentage points higher than the national average.

The city’s exports to RCEP countries and countries involved in the Belt and Road Initiative in 2022 surged 37.3 percent and 33.9 percent, respectively, from the previous year.

In 2022, Shaoxing’s total output in the integrated circuit sector surpassed 50 billion yuan. More firms in the sector were assembled in Shaoxing, further completing the industrial chain.

The city’s fixed asset investment in 2022 rose 11 percent year-on-year, 1.9 percentage points higher than the provincial average. Specifically, its fixed asset investment in the high-tech sector increased by 48.2 percent from the previous year.

Retail sales of consumer goods in Shaoxing last year registered positive year-on-year growth against the backdrop of a national slump due to the COVID-19 pandemic.