Yiwu, East China's Zhejiang province. [Photo/Yiwu Media Center]

Yiwu in East China's Zhejiang province saw its gross domestic product grow 5.3 percent year-on-year in the first three quarters of 2022, hitting 133.16 billion yuan ($18.43 billion), according to local statistics authorities.

The growth rate topped all counties and towns under the administration of Jinhua, thanks to stable economic development amid the COVID-19 epidemic.

From January to September of this year, the added value of the city's primary industry, secondary industry, and tertiary industry increased by 1.3 percent, 12.9 percent, and 2.2 percent, respectively, amounting to 1.53 billion yuan, 43.05 billion yuan, and 88.58 billion yuan.

In the same period, the industrial output value of enterprises above designated size in the city surged 47.6 percent year-on-year to 119.59 billion yuan. The added value of industries above designated size increased by 29.6 percent year-on-year, ranking first in Jinhua's counties and cities and third in Zhejiang province in terms of growth rate.

In the first three quarters, the city's foreign trade increased by 29.9 percent to 354.18 billion yuan. Exports increased by 25.4 percent to 322.2 billion yuan, while imports surged 103.4 percent yearly to 31.98 billion yuan.

E-commerce maintained stable growth during this period. Yiwu's total e-commerce transactions were valued at 292.87 billion yuan, a year-on-year increase of 7.62 percent. Among them, domestic trade transactions increased by 7.64 percent to about 211 billion yuan, while cross-border transactions were valued at 81.88 billion yuan, a year-on-year increase of 7.57 percent.