Hangzhou's GDP books 2tr yuan in 2023

The Hangzhou municipal bureau of statistics reported on Jan 24 that the city's GDP reached 2.0059 trillion ($280.05 billion) yuan in 2023, marking a year-on-year growth of 5.6 percent.

Despite challenges posed by the complex international and domestic environment throughout the past year, Hangzhou's economy withstood pressures and continued its recovery, achieving new successes in high-quality development.

The industrial enterprises above designated size, serving as economic stabilizers, saw their aggregated added value surpassing 435.5 billion yuan in 2023, a year-on-year increase of 2.4 percent. Notably, the manufacturing sector of the digital economy's core industries experienced a 4.5-percent growth in value-added.

The service industry, another pillar propelling Hangzhou's economic growth, played a crucial role in safeguarding Hangzhou's GDP beyond the 2-trillion-yuan mark.

Last year, the value-added of the city's service industry amounted to 1.4 trillion yuan with a year-on-year growth of 7.2 percent, contributing 4.9 percentage points to the GDP growth.

Investment, consumption, and exports also worked in tandem, providing momentum for the city's economic progress.

In terms of investment, Hangzhou's investment mix continued to optimize, with rapid growth observed in high-tech industry investments. Notably, Hangzhou's industrial investment has maintained high-speed growth for three years.

The city's consumption also recovered with the total retail sales of consumer goods reaching 767.1 billion yuan in 2023, a 5.2-percent increase from the previous year.

Moreover, the total value of foreign trade goods reached 803 billion yuan in 2023, growing by 6.1 percent year-on-year. Within this, emerging products such as new energy vehicles, solar cells and lithium-ion batteries saw their exports grow by 557.9 percent, 55.0 percent and 37.3 percent, respectively.