Latest data suggests strong economic prospects for Zhejiang
Employees make edible straws from starch at a factory in Yiwu, Zhejiang province, in December. ZHANG JIANCHENG/FOR CHINA DAILY
East China's Zhejiang province saw a thriving economy over the first two months of this year, according to the latest data released by the Zhejiang Bureau of Statistics on March 18.
Strong growth was observed in all major indicators related to the province's industry, investment, and consumption.
Total industrial value-added for Zhejiang's above-designated-size companies (those with annual operating revenue of roughly $3.1 million or more) grew by 49.4 percent from the previous year. Of the province's 38 industrial sectors, 16 posted over 50 percent year-on-year growth and nine, including core industries of the digital economy and equipment manufacturing, grew 70 percent.
Over the same period, electricity consumed by the province's industrial companies and manufacturers grew by 80.3 percent and 34 percent, respectively, while the province's freight traffic volume rose by 36.8 percent.
Fixed-asset investment in Zhejiang over the first two months of this year was 31.9 percent higher than in the corresponding period in 2020 and 12.9 percent higher than in the corresponding period in 2019.
Investment in the province's industries and manufacturing sectors grew by 38.6 percent and 41.7 percent, respectively, from the previous year. The year-on-year growth rate of the province's high-tech industries was 56.4 percent.
Total retail sales in the province stood at 440.8 billion yuan ($67.75 billion) in January and February, up 27.5 percent from the corresponding period in 2020 and 4.6 percent from the corresponding period in 2019.
Online retail sales in the province reached 246.8 billion yuan, up 48.5 percent from the same period last year. Residents of the province spent 138.4 billion yuan on online shopping, up 54 percent year-on-year.