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Economy

General

In 2017, sticking to the general principle of pursuing progress while ensuring stability and to the new development philosophy, and with a commitment to treating supply-side structural reform as our main task, the Wenzhou Municipal Government focused on high-quality development and performance improvement, and with coordinated efforts, moved forward with work in all areas for social and economic development, including the improvement of people's livelihood. The city's economy was stable and improved, its economic structure was adjusted and optimized, and the replacement of old growth drivers was sped up. All this indicated that we had taken solid strides towards securing a decisive victory in building a moderately prosperous society in all respects.  

Wenzhou’s Major National Economic Indictors

Indicators

Unit

2016

2017

Increase YoY (%)

GDP

Billion Yuan

504.54

545.32

8.4

Per   Capita GDP

Yuan

55,165

593,06

7.9

General Financial  Revenue

Billion Yuan

72.4

77.83

7.5

Total Retail   Sales of Consumer Goods

Billion Yuan

300.69

332.43

10.6

Fixed Assets Investment

Billion Yuan

390.57

417.85

11.9

RMB Deposit Balance of Financial   Institutions

Billion Yuan

1021.3

1087.5

6.5

RMB Loans Balance of Financial   Institutions

Billion Yuan

801.1

860.4

7.4

Urban Residents’ Per Capita Disposable Income

Yuan

47,785

51,866

8.5

Rural Residents’ Per Capita Net Income

Yuan

22,985

25,154

9.4

Industrial Economy

In 2017, Wenzhou's industrial added value hit 174.4 billion yuan; it's 4,900 enterprises  above the designated  scale achieved industrial added value of 108.71 billion yuan, and their industrial sales value reached 494.68 billion yuan, these enterprises gaining a profit of 27.25 billion yuan; the city's number of enterprises with an annual industrial output value exceeding 100 million yuan came to 995.

By the end of 2017, Wenzhou had owned 69 well-known domestic trademarks recognized by the State Administration for Industry and Commerce, and obtained 46 “National Production Base” titles, with 24 provincial-level specialized brand bases, and 6 municipal specialized brand bases identified. 

National-Level Industrial Production Base

Name

Region

China Shoes Capital

Wenzhou

China   Casual Shoes Production Base

Ruian   City

China Famous City of Rubber Footware

Ruian City

China Leather Capital

Pingyang County

China Automobile and Motorcycle   Fittings Capital

Ruian City

China Electric Appliance Capital

Yueqing City

China Circuit Breaker Production Base

Yueqing City

China Locks Capital

Oujhai District

China Drill Bit Production Base

Yueqing City

China Pen Manufacture Capital

Longwan District

China Plastic-Woven Product Capital

Pingyang County

China Plastic Film Industry Base

Ruian City

China Synthetic Leather Capital

Longwan District

China Buttons City

Ruian City

China Printing City

Longwan District

Chinese Men's Clothing City

Ruian City

China Famous City of Casual Clothing

Yuqing City

China Spectacles Production Base

Wenzhou

China Business Gift Production Base

Cangnan&Pingyang

China Building Electrical Appliance   Industry Base

Wenzhou

China Lock Export Base

Wenzhou

China Metal-Enclosure Cigarette   Lighter Production Base

Lucheng District

China Seamless Stainless Steel Pipe   Production Base

Longwan District

Chinese Razor Production Base

Wenzhou

China Electronic Devices and Elements   Industry Base

Yuqing City

China Precision Molds Production Base

Yuqing City

China Pump and Valve Town

Yongjia County

China Zipper Production Town

Yongjia County

China Gift City

Cangnan County

China Explosion-Proof Electrical   Appliance Production Base

Yuqing City

China Packing Machinery City

Ruian City

China Craft Gift Production Base

Ruian City

China Teaching Aids and Toys Capital

Yongjia County

China Valve City

Longwan District

China Forging Industry Base

Ruian City

China Food and Pharmaceutical   Machinery Industry Base

Longwan District

China Famous City of Suitcases And   Bags

Ruian City

China Emerging-Instrument City

Wenzhou

China Famous Packing Market

Wenzhou

China Fastener City

Wenzhou

China Textile and Apparel Brand Center

Wenzhou

Wenzhou-Based China Rubber Products   Manufacture Center

Wenzhou

China Architecture Electrical   Appliance Industry Base

Wenzhou

China Locks Export Base

Wenzhou

China Famous Underwear Town

Nishan, Cangnan

China Shoe Capital Children Shoes   Production Base

Wenzhou

China Garment Customization Demonstration   Base

Wenzhou

Agricultural Economy

In 2017, Wenzhou had a grain sown area of 1.878 million mu, and its total grain output reached 786,000 tons with a per-mu yield of 419 kg;the city’s accumulative functional regions for grain production amounted to 765,000 mu; the city built two provincial-level modern agricultural parks, one provincial-level rural complex; it owns  133 demonstration family farms above the municipal level, 323 farmers’ demonstration cooperatives, and 265 leading agricultural enterprises.

Domestic Trade

In 2017, the city's total retail sales of consumer goods amounted to 332.43 billion yuan, up 10.6% YoY, among which 282.4 billion yuan came from urban areas, up 10.4% YoY, and 50.04 billion yuan from rural areas, up 11.6 % YoY; the city’s online retail sales came to 156.85 billion yuan, a rise of 28.0% YoY.  


Tourism Industry

In 2017, the city received 103.76 million person-times of tourists from home and abroad, up 16% YoY, and the tourism income amounted to 115 billion yuan, a rise of 19.8%. Among the tourists received, domestic guests hit 102.37 million person times, an increase of 16 % YoY, with domestic tourist income amounting to 110.37 million yuan, up 20 %; the city received overseas tourists up to 1.39 million person times, up 17.2 % YoY, with international tourist foreign currency earnings coming to 690 million yuan, up 14.5.


Foreign Economic Relations and Trade

In 2017, the city's total imports and exports reached 132.71 billion yuan, up 11.2% YoY, among which imports came to 16.92 billion yuan, up 27.3 % YoY, and exports amounted to 115.79 billion yuan, up 9.20%; the city’s private enterprises’ exports totaled 103.98 billion yuan, up 9.7% YoY, accounting for 89.8% of Wenzhou’s total; the exports to the countries along the Belt and Road totaled 42.02 billion yuan, up 13.2% YoY, and imports from those countries came to 6.23 billion yuan, up 73.1% YoY; 66 foreign direct investment (FDI) projects were approved, an increase of 5 over the previous year; the contracted foreign investment jumped to USD 2.15 billion, a rise of 292.5%, and the actually-used foreign investment reached 358 million, a rise of 47.2% over the previous year; with 25 overseas investment projects approved, the city's total overseas investment reached USD 689 million, in which USD 546 million was invested in the countries along the Belt and Road, accounting for 79.2% of the total.


Finance and Insurance

By the end of 2017, the domestic and foreign currency deposits balance of Wenzhou’s financial institutions had reached 1.1218 trillion yuan, up 5.6 percent over the previous year, in which the balance of RMB deposits was 1.0875 trillion yuan, up 6.5 percent; the residents' RMB deposits balance came to RMB 561.8 billion, up 9.4 %, and the financial institutions' domestic and foreign currency loans balance was 865.8 billion yuan, up 7.3 percent, in which that of RMB loans was 860.4 billion yuan, up 7.4 percent; the city increased four domestic and foreign listed companies, with a cumulative total up to 23, and its 17 companies were listed on the New Three Board, with cumulative listed and stock transfer-reporting enterprises up to 81; 43 companies were listed on the regional capital market, with a cumulative total up to 1020, and 213 enterprises conducted shareholding system reform, with a cumulative total of 1034.

In 2017, the city's premium income in the insurance industry came to 24.19 billion yuan, up 18.8 % over the previous year, in which the personal insurance premium income accounted for 16.06 billion yuan, up 26.0 %, and the property insurance premium income for 8.13 billion yuan, up 6.7 %; all kinds of indemnities and payments were made for 6.41 billion yuan, up 0.9 % over the previous year.

 
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