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The Shaoxing government recently announced that the city's GDP for 2023 reached 779.1 billion yuan ($108.31 billion), marking a 7.8 percent increase from the previous year.

This growth rate was 3.4 percentage points higher than the previous year. By sector, the value added of the primary industry increased by 3.9 percent, the secondary industry by 7.6 percent, and the tertiary industry by 8.2 percent.

Authorities from the Shaoxing Municipal Bureau of Statistics highlighted the city's continuous optimization of its business environment, bolstering consumer confidence, and concerted efforts to drive transformation and upgrading, maintaining a positive trend of "steady progress, quality improvement, and momentum accumulation" in economic development.

The industrial economy showed steady improvement, with the value added of large-scale industries reaching 215.5 billion yuan, a year-on-year increase of 10.8 percent. Emerging industries demonstrated momentum, with growth rates of 13.5 percent for equipment manufacturing, 13.2 percent for strategic emerging industries, and 10.8 percent for high-tech manufacturing, contributing significantly to industrial value added.

Investment saw a favorable structural shift, with fixed asset investment growing by 10.0 percent year-on-year, particularly in high-tech industries, manufacturing, and transportation, energy, and water conservancy.

Consumer markets continued to heat up, with total retail sales of consumer goods reaching 282 billion yuan, a 9.1 percent increase year-on-year, ranking second in the province.

Foreign trade remained resilient, with total import and export volume reaching 422.5 billion yuan, a 14.5 percent increase from the previous year. Exports reached 381 billion yuan, up 11.8 percent, while imports increased by 47.4 percent. Notably, exports to Belt and Road countries and other RCEP members grew by 17.2 percent and 16.1 percent, respectively.

Per capita disposable income for urban and rural residents rose by 5.5 percent and 6.8 percent, respectively, with the rural increase outpacing urban growth. The income ratio between urban and rural residents narrowed slightly to 1.65.

Private enterprises played a prominent role, with private investment growing by 11.0 percent and private enterprise exports and imports increasing by 13.9 percent and 75.4 percent, respectively, in 2023.