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Shaoxing economy continues to rise

chinadaily.com.cn| Updated: October 29, 2020 L M S

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A nighttime view of Shaoxing in East China's Zhejiang province. [Photo provided to chinadaily.com.cn]

The GDP of Shaoxing, a city in East China's Zhejiang province, was 414.4 billion yuan ($61.75 billion) in the first three quarters, a year-on-year increase of 1.4 percent.

This indicates that Shaoxing's economy is now back on its pre-pandemic trajectory, with consumer spending and industrial production returning to normal levels.

The added value of Shaoxing's primary industries for the first three quarters stood at 15.6 billion yuan, a year-on-year increase of 2 percent, the added value of its secondary industries was 185.1 billion yuan, a year-on-year decrease of 0.5 percent, and the added value of its tertiary industries was 213.7 billion yuan, a year-on-year increase of 3.3 percent.

The service industry in Shaoxing is now recovering steadily, contributing to the city's rapid economic recovery.

During the first three quarters, the growth rate of the added value of Shaoxing's service industry was 1.9 percentage points higher than its GDP growth rate.

Shaoxing's fixed asset investment during the first three quarters rose 5.6 percent from the same period last year, while its total retail sales of consumer goods stood at 159.6 billion yuan, a year-on-year decrease of 5.5 percent.

In addition, financial institutions in Shaoxing have been stepping up financial support for private economy, providing 139.2 billion yuan in loans for companies in the first three quarters, exceeding last year's amount.