Zhejiang's GDP to surpass 6 trillion yuan

(ezhejiang.gov.cn) Updated : 2020-01-13

Zhejiang's GDP in 2019 is expected to surpass 6 trillion yuan ($867.79 billion), up 6.8 percent year-on-year, said Yuan Jiajun, governor of the province, at the third session of the 13th Zhejiang Provincial People's Congress, which opened on Jan 12.

Private economy played a leading role in driving the growth thanks to a series of measures the government took to support private industry. The value added of the province's private economy in 2019 is expected to increase by 9 percent. Foreign trade also saw a significant boost and is expected to hit 3 trillion yuan. Foreign exports are expected to grow from 12.9 percent of the nation's total at the beginning of last year to 13.3 percent by the end of this year.

Digital economy showed strong growth as well. The value added of the province's core digital industries in 2019 is expected to increase by 15 percent and account for 10 percent of total GDP.

Traditional industries saw large growth momentum with the help of digital technologies. R&D expenditures of the 10 major traditional manufacturing industries increased by 26.3 percent year-on-year in the first 11 months of 2019. Their value added grew by 6.9 percent and labor productivity by 10.2 percent.

In addition, fiscal revenue, company revenue and individual income in Zhejiang maintained steady growth last year. Annual incomes of urban and rural residents are expected to increase by 8.3 percent and 9.4 percent, respectively.

Zhejiang's annual GDP has been growing rapidly in recent years. Its GDP surpassed 3 trillion yuan in 2011, 4 trillion yuan in 2014 and 5 trillion yuan in 2017.