A manufacturing plant in Yiwu, Zhejiang province. [Photo/Yiwu Media Center]

Yiwu in East China's Zhejiang province reported 119.59 billion yuan ($16.93 billion) in total industrial output above designated size in the first three quarters of 2022, with a year-on-year increase of 47.6 percent.

During this period, the city's industrial added value above designated size registered a year-on-year growth of 29.6 percent, while industrial investment hit 18.06 billion yuan.

From January to September this year, Yiwu's industrial sales were valued at 122.3 billion yuan, a year-on-year increase of 56.2 percent. Export deliveries increased by 99.9 percent annually to 38.01 billion yuan. Photovoltaic, textile and clothing, and cultural and educational supplies ranked in the top three in terms of export value.

The city's photovoltaic industry continued to maintain rapid growth. From January to September, its output value surged 113.8 percent year-on-year to 63.31 billion yuan, driving the growth of the overall industrial economy.

In the first three quarters of the year, agreements for a total of 42 major projects were signed to be carried out in Yiwu, including three projects with investment exceeding 10 billion yuan each and 11 projects with investment exceeding 1 billion yuan each. Total contracted investment exceeded 53 billion yuan, ranking first in Jinhua.

In September, Sunwoda Electric Vehicle Battery Co agreed to spend about 21.3 billion yuan building its new energy power battery production base in Yiwu. The planned total production capacity of the factory is about 50 gigawatt-hours, and it received the most investment of any manufacturing project in Yiwu or Jinhua.