Quzhou economy sees steady growth from Jan-Nov

The added value of large-scale industries from January to November this year in Quzhou, Zhejiang province reached 56.98 billion yuan ($7.98 billion), a year-on-year increase of 7.7 percent, according to statistics recently released by the Quzhou bureau of statistics.

Key industries experienced rapid growth, with the electrical machinery and equipment manufacturing industry growing by 93.6 percent, while emerging industries have led growth, with high-end equipment manufacturing, the core industries of the digital economy, high-tech industries, and strategic emerging industries in manufacturing growing by 43.0 percent, 42.7 percent, 30.7 percent, and 17.4 percent, respectively.

The consumer market in Quzhou has experienced an accelerated recovery, with online consumption playing a prominent role. The total retail sales of consumer goods reached 86.98 billion yuan, a year-on-year increase of 10.1 percent during the same period. Among the trade units above the quota, retail sales of communication equipment, daily necessities, and gold, silver, and jewelry increased by 93.9 percent, 56.8 percent, and 28.1 percent, respectively.

In the first 11 months, the general public budget revenue in the city reached 19.49 billion yuan, a year-on-year increase of 17.2 percent. Tax revenue amounted to 14.66 billion yuan, an increase of 10.8 percent, while the general public budget expenditure was 52.09 billion yuan, a growth of 4.9 percent.

In November, the consumer price index (CPI) declined 0.2 percent year-on-year, a decrease of 0.2 percentage points compared to the previous month. On a month-on-month basis, the CPI decreased by 0.3%.

In November, the producer price index (PPI) declined 7.5 percent year-on-year, which was a narrowing of 1.1 percentage points compared to the previous month. From January to November, the producer price and the producer purchase price declined by 8.8 percent and 10.2 percent year-on-year, respectively.

The stable CPI indicates a controlled inflationary pressure, with prices of certain categories experiencing modest increases. The narrowing decline in the PPI suggests a potential stabilization in the cost of production for industrial producers. These indicators reflect the overall stability in consumer prices and the gradual recovery of the industrial sector in Quzhou.