Hangzhou achieves 6.9% GDP growth in H1 2023

Hangzhou, capital of East China's Zhejiang province, achieved a GDP of 960.2 billion yuan ($134.5 billion) in the first half of this year, a year-on-year growth rate of 6.9 percent at comparable prices.

The growth rate represents a 2.3 percentage point increase compared to the first quarter, surpassing the national average by 1.4 percentage points and showcasing a relatively rapid recovery despite the underperformance last year.

The continuous recovery of key industries has contributed to the strong growth. The added value of large-scale industries increased by 1.3 percent year-on-year, a rise of 3.4 percentage points from the first quarter, among which the value-added of environmental protection manufacturing and equipment manufacturing grew by 27.6 percent and 9.2 percent, respectively.

Market demand has also been gradually improving, as the city's total retail sales of consumer goods increased by 8.7 percent year-on-year from January to June, a rise of 5.5 percentage points from the first quarter.

Hangzhou's investment structure has also been optimized, with its fixed asset investment increasing by 8.3 percent year-on-year, surpassing the national average by 4.5 percentage points.

Notably, industrial investment maintained rapid growth, with high-tech industrial investment growing by 42.3 percent. Key manufacturing sectors such as computer communication and electronic equipment manufacturing, pharmaceutical manufacturing, and automobile manufacturing saw investments grow by 67.4 percent, 48.9 percent, and 29.7 percent, respectively.

The rapid economic growth has also contributed to an increase in household income. In the first half of the year, the per capita disposable income of Hangzhou residents reached 41,053 yuan, showing a 5.4 percent year-on-year growth. Particularly in rural areas, the per capita disposable income increased by 7.0 percent year-on-year, surpassing urban areas by 2.0 percentage points.