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Recovery of Zhejiang's industrial economy continues

ezhejiang.gov.cn| Updated: November 29, 2022 L M S

The added value of industries above designated size in East China's Zhejiang province from Jan to Oct this year was worth 1.8 trillion yuan ($252.25 billion), up 5.4 percent year-on-year.

The added value of the province's manufacturing industry increased by 12.6 percent during the same period.

The added value of strategic emerging, high-tech, equipment manufacturing and other industries increased by 11.5 percent, 7.1 percent and 7.1 percent year-on-year respectively, faster than that of industries above designated size. Zhejiang produced 66,800 new energy vehicles in Oct, up 171.4 percent year-on-year.

The manufacturing industry is now the province's main driving force for investment growth. In the first 10 months of 2022, manufacturing investment in Zhejiang grew 16.2 percent year-on-year, 6.5 percentage points higher than the national average and 6.1 percentage points higher than provincial fixed asset investment.

The investment in technological transformation of industrial enterprises in the province grew 18.2 percent year-on-year, while the investment in high-tech industries rose 20.6 percent year-on-year during the same period.

There are currently 605 major manufacturing projects that are each backed by more than 1 billion yuan in investment in Zhejiang.

Data shows that from Jan to Oct this year, the output value rate of new products of industrial enterprises above designated size increased by 16.6 percent year-on-year. Meanwhile, the output value rate of new products reached 41.7 percent, 2 percentage points higher than that of the same period last year and the highest in the past 13 years.