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Economy

◎General

In 2018, sticking to the general principle of “pursuing progress while ensuring stability” and to the main development philosophy of “deepening the ‘Eight-Eight Strategy’ (i.e. the strategy of leveraging its advantages in eight aspects through eight measures respectively) and reform and opening up”, Wenzhou Municipal Government was committed to the main task of “Wenzhou Arena, Competitions in Six Aspects” and enhanced its overall economic performance by deepening the reform and opening up, optimizing the development environment and pushing forward the development of private economy. Its overall economic operation was steady and progressive, the supply and demand structure was optimized, the replacement of old growth drivers was sped up, and the people’s livelihood was improved. All this indicated that Wenzhou had yielded great fruits in high-quality development.

Wenzhou’s Major National Economic Indictors

Indicators

Unit

2017

2018

Increase YoY (%)

GDP

Billion Yuan

545.32

600.62

7.8

Per     Capita GDP

Yuan

59,306

65,055

7.3

Industrial Added Value

Billion Yuan

174.40

192.12

8.6

General Financial  Revenue

Billion Yuan

77.83

89.53

15.0

Total Retail Sales of Consumer Goods

Billion Yuan

332.43

333.71

9.0

RMB Deposit   Balance of Financial   Institutions

Billion Yuan

1087.5

1173.7

7.9

RMB Loans   Balance of Financial   Institutions

Billion Yuan

860.4

997.1

15.9

Urban Residents Per Capita   Disposable Income

Yuan

51,866

56,097

8.2

Rural Residents Per Capita Net   Income

Yuan

25,154

27,478

9.2

◎Industrial Economy

In 2018, Wenzhou’s industrial added value hit 192.12 billion yuan, increased by 8.6% year on year. Its 4618 enterprises above the designated scale achieved an industrial added value of 99.62 billion yuan, an industrial sales value of 457.17 billion yuan, and an export delivery value of 65.10 billion yuan, up 8.4%, 8.5% and 6.3% respectively. Those enterprises gained a profit of 25.54 billion yuan in the year, an increase of 4.8% year on year.

By the end of 2018, Wenzhou had owned 70 well-known domestic trademarks recognized by the State Administration for Industry and Commerce, and obtained 46 “National Production Bases”, 24 provincial-level specialized brand bases, and 6 municipal specialized brand bases. 

National-Level Industrial Production Bases

    Name

Region

    Name

Region

China Shoes Capital

Wenzhou

China Casual Shoes Production Base

Ruian

China Famous City of Rubber Footwear

Ruian

China Leather Capital

Pingyang

China Automobile and Motorcycle   Fittings Capital

Ruian

China Electric Appliance Capital

Yueqing

China Circuit Breaker Production Base

Yueqing

China Hardware & Sanitary   Ware Capital

Longwan

China Locks Capital

Ouhai

China Drill Bit Production Base

Yueqing

China Pen Manufacture Capital

Longwan

China Plastic-Woven Product Capital

Pingyang

China Plastic Film Industry Base

Ruian

China Synthetic Leather Capital

Wenzhou

China Buttons City

Yongjia

China Printing City

Cangnan

Chinese Men's Clothing City

Ruian

China Famous City of Casual Clothing

Yueqing

China Spectacles Production Base

Wenzhou

China Business Gift Production Base

Cangnan,   Pingyang

China Metal-Enclosure Cigarette Lighter   Production Base

Lucheng

China Seamless Stainless Steel Pipe   Production Base

Longwan

Chinese Razor Production Base

Wenzhou

China Electronic Devices and Elements   Industry Base

Yueqing

China Precision Molds Production Base

Yueqing

China Pump and Valve Town

Yongjia

China Zipper Production Town

Yongjia

China Gift City

Cangnan

China Explosion-Proof Electrical   Appliance Production Base

Yueqing

China Packing Machinery City

Ruian

China Craft Gift Production Base

Ruian

China Teaching Aids and Toys Capital

Yongjia

China Valve City

Longwan

China Forging Industry Base

Ruian

China Food and Pharmaceutical   Machinery Industry Base

Longwan

China Famous City of Suitcases And Bags

Ruian

China Emerging-Instrument City

Wenzhou

China Famous Packing Market

Wenzhou

China Fastener City

Wenzhou

China Textile and Apparel Brand Center

Wenzhou

China Architecture Electrical Appliance Industry   Base

Wenzhou

Wenzhou-Based China Rubber Products  Manufacture Center

Wenzhou

China Locks Export Base

Wenzhou

China Famous Underwear Town

Yishan Town, Cangnan

China Shoe Capital Children Shoes Production Base

Wenzhou

China Garment Customization Demonstration Base

Wenzhou

◎Agricultural Economy

In 2018, Wenzhou’s added value of agriculture, forestry, animal husbandry and fishery was 14.48 billion yuan, an increase of 2.1% over the previous year. Forty demonstration zones for high grain yield were built, and 40,800 mu of functional zones for grain production were revamped. Meanwhile, 288,000 mu of new high-standard farmland and 43,1000 mu of high-efficiency water-saving irrigation area were added. In the provincial sampling inspection of agricultural product quality and safety, Wenzhou had a qualified rate of 99.1%. It also newly built twenty-five beautiful pastures, six provincial carriers of agricultural science and technology innovation, 255 e-commerce specialized villages and 16 leisure villages.

◎Domestic Trade

In 2018, Wenzhou’s total retail sales of consumer goods amounted to 333.71 billion yuan, up 9.0% YoY, among which 280.08 billion yuan came from urban areas and 53.63 billion yuan from rural areas, up 8.9% and 9.4% YoY respectively; the city’s online retail sales came to196.82 billion yuan, a rise of 25.5% YoY, and its residents’ net consumption amounted to 112.75 billion yuan, an increase of 24.4% YoY.

◎Tourism Industry

In 2018, Wenzhou received 119.17 million person-times of tourists from home and abroad, up 15.8% YoY, and its tourism income amounted to 133.44 billion yuan, a rise of 18.8%. Among the tourists received, domestic guests hit 118.61 million person times, with domestic tourist income amounting to 131.51 million yuan, an increase of 15.9 % and 19.2 % YoY respectively; the city received overseas tourists up to 0.56 million person times, creating an international tourist foreign currency earnings of 290 million yuan.

◎Foreign Economic Relations and Trade

In 2018, Wenzhou’s total imports and exports reached 150.72 billion yuan, up 13.6% YoY, among which imports came to 20.47 billion yuan and exports amounted to 130.24 billion yuan, up 20.9 % and 12.5% respectively; private enterprises’ exports totaled 119.0 billion yuan, up 14.5% YoY, accounting for 91.4% of Wenzhou’s total, a proportion 1.6 higher than that of the last year; the exports to the countries along the Belt and Road totaled 47.49 billion yuan, up 13.1% YoY, and imports from those countries came to 10.29 billion yuan, up 65.3% YoY. A total of 17,000 enterprises were entitled to import and export directly, an increase of 15.2% over the end of last year. The import and export volume of the city’s international service trade reached 16.54 billion yuan, an increase of 24.3% YoY. Besides, the actually-used foreign investment reached USD 534 million, a rise of 49.2% over the previous year. With 35 overseas investment projects approved, the city’s total overseas investment reached USD 592 million, in which USD 381 million was invested in the countries along the Belt and Road, accounting for 64% of the total.

◎Finance and Insurance

By the end of 2018, the domestic and foreign currency deposits balance of Wenzhou’s financial institutions had reached 1.1966 trillion yuan, up 6.7% over the previous year, in which the balance of RMB deposits was 1.1737 trillion yuan and the residents’ RMB deposits balance came to RMB 662.1 billion, up 7.9% and 17.9% respectively. The financial institutions’ domestic and foreign currency loans balance was 100.51 billion yuan, up 16.1%, in which that of RMB loans was 997.1 billion yuan, up 15.9%. The city increased four domestic and foreign listed companies, with a cumulative total up to 27, and its 10 companies were newly listed on the New OTC Market (or reported stock transfer), with the cumulative listed and stock transfer-reporting enterprises up to 88; 226 enterprises conducted shareholding system reform, with a cumulative total of 1260.

In 2018, Wenzhou’s premium income in the insurance industry came to 26.52 billion yuan, up 9.7 % over the previous year, in which the personal insurance premium income accounted for 17.66 billion yuan and the property insurance premium income for 8.86 billion yuan, up 10.0 % and 9.0 % respectively; all kinds of indemnities and payments were made for 7.43 billion yuan, up 15.8 % over the previous year.

 
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