A bird's-eye view of Wenzhou, a coastal city in East China's Zhejiang province. [Photo/WeChat account: wenzhoufabu]
Wenzhou's GDP reached 402.59 billion yuan ($56.27 billion) in the first half of this year, a year-on-year growth of 7.5 percent when measured at comparable prices, local media outlets reported.
The growth rate was 2.3 percentage points higher compared to the first quarter, surpassing the national and provincial averages by 2.0 and 0.7 percentage points, respectively.
The report also revealed that the city's major economic indicators continued to rebound, with all three sectors of the economy experiencing growth. Of particular note is the improvement in key economic indicators like the value added by large-scale industries, fixed asset investment, general public budget revenue, and urban and rural residents' income, which have all shown sound growth momentum compared to the first quarter.
The data uncovered that emerging industries are driving the growth, particularly in large-scale industries. In the first half of the year, high-tech industries, the core manufacturing sector of the digital economy, and equipment manufacturing recorded value-added growth rates of 19.5 percent, 17.8 percent, and 11.4 percent, respectively.
In the services sector, the Jan-May period saw a year-on-year revenue increase of 21.3 percent for large-scale internet, software, and information technology service enterprises, a growth rate significantly higher than the national average.
Wenzhou's commitment to stimulating consumer spending has also borne fruit. The city rolled out a series of measures to boost consumption, resulting in the emergence of new consumption scenarios and models, which, in turn, contributed to a steady rise in the consumer market.
The data reflected the success, with the city's total retail sales of consumer goods reaching 206.07 billion yuan in the first six months, a substantial year-on-year growth of 10.0 percent, 5.2 percentage points higher than in the first quarter.
The robust GDP growth and positive economic indicators provide a strong foundation for Wenzhou to further advance its economic development in the second half of the year. As the city continues to build on its strength and explore new opportunities, it is poised to maintain its growth trajectory and contribute to the overall economic vitality of the nation.
