The fourth session of the sixth Taizhou Municipal People's Congress commences in Taizhou, East China's Zhejiang province, on Jan 15. [Photo/taizhou.com.cn]

Taizhou, located in East China's Zhejiang province, forecasted a 4.5 percent year-on-year increase in its GDP for 2023, as reported by acting mayor Shen Mingquan during the fourth session of the sixth Taizhou Municipal People's Congress, which opened on Jan 15.

According to the report, the city's general public budget revenue experienced a yearly increase of 12.1 percent. Additionally, the per capita disposable income of urban residents and rural residents saw respective increases of 5 percent and 6.5 percent.

Taizhou achieved stable economic growth in 2023. The local government implemented 30 policy measures to support the private sector, waiving 18.3 billion yuan ($2.55 billion) in taxes and fees for local businesses. As of last year, the number of registered market entities in the city had risen to 910,000.

The city's consumer market demonstrated a strong recovery, with retail sales of social consumer goods growing at a rate of approximately 6.5 percent, the report stated.

Additionally, Taizhou maintained robust momentum in foreign trade, with its exports accounting for about 1.05 percent of the nation's total.

The city also made significant advancements in scientific and technological innovation, being acknowledged as a national innovation-driven demonstration city. In 2023, the city received 10 Chinese patent awards, 20 provincial sci-tec awards, and led in the formulation of 11 national standards. During the same period, it added 474 national high-tech companies and 1,856 sci-tech small and medium-sized companies.

Throughout the past year, the local government created 90,000 urban jobs and provided vocational training for 698,000 farmers. For the eighth consecutive year, the city was listed among the happiest cities in China.

After reviewing the accomplishments of 2023, Wu also unveiled the development goals for the upcoming year.

The report stated that Taizhou will strive to achieve a growth of more than 5.5 percent in its GDP and industrial added value of above-designated-size companies. Additionally, the city set the growth rate targets for investment in fixed assets and retail sales of consumer goods at 6.5 percent and 5 percent, respectively. 

The city will also spare no efforts to ensure that the growth of its general public budget revenue, residents' income, and economic output remain in sync with one another.