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Wenzhou's industrial sector thrives with 9.4% growth in 2023

ALMS|Updated: February 8, 2024

Wenzhou's industrial sector achieved significant strides in 2023. The added value of the city's above-designated-size industrial enterprises totaled 161.98 billion yuan ($22.57 billion), a 9.4 percent year-on-year increase, according to the Wenzhou statistics bureau.

Performance across traditional and emerging sectors was noteworthy. Traditional pillars such as the automotive parts, electrical, and pump industries saw double-digit growth, while emerging industries like new energy and life sciences also posted significant gains. Overall, 28 of 33 major industry categories experienced positive growth, with notable contributions from sectors like computers, metal products, and instrumentation.

The city's commitment to innovation is evident in its increased investment in research and development, which rose by 11.4 percent in 2023. The high-end equipment manufacturing and core manufacturing industries of the digital economy witnessed rapid growth in R&D expenditure, with year-on-year growth rates of 13.5 percent and 13.1 percent, respectively.

Moreover, Wenzhou's above-designated-size industrial enterprises saw increased profitability, with total profits rising by 10.7 percent year-on-year to 40.25 billion yuan. Operating income also saw a 4.9 percent increase, with 25 industries witnessing positive growth. The operating profit margin of above-designated-size industrial enterprises rose to 5.4 percent, surpassing the provincial average.

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