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Economy

General

In 2019, upholding the underlying principle of pursuing progress while ensuring stability and of “endeavouring to accomplish tasks in six aspects to fulfill one general goal and one general requirement by one means of competition in 2019”, Wenzhou focused on the construction of the “Two Zones” for benefiting private enterprises and their employees, proactively implemented the Party‘s polices, fostered growth drivers, increased quality supply so that local economy was on the upswing in defiance of the unfavourable economic situation,  economic and social development reached a new level, people's well-being was continuously improved, social undertakings gained flourish development, ecological environment quality was generally enhanced, and positive results were achieved in quality development.

Wenzhou’s Major National Economic Indexes

Descriptions

Unit

2018

2019

YoY Rise (%)

GDP

Bln Yuan

603.98

660.61

8.2

Regional Per Capita GDP

Yuan

65,055

71.225

7.7

Industrial Added   Value

Bln Yuan

192.12

231.10

7.8

Total Fiscal   Revenue

Bln Yuan

89.53

93.69

8.6

Total Retail   Sales of Social Consumer Goods

Bln Yuan

333.71

365.59

9.6

RMB Deposit   Balance of Financial Institutions

Bln Yuan

1173.7

1315.64

12.1

RMB Loan   Balance of Financial Institutions

Bln Yuan

997.1

1152.96

15.6

Per Capita   Disposable Income of Urban Residents

Yuan

56,097

60,957

8.7

Per Capita   Disposable Income of Rural Residents

Yuan

27,478

30,211

9.9

Industrial Economy

In 2019, Wenzhou's industrial added value (IAV) reached RMB 231.1 billion, a rise of 7.8% YoY, in which the IAV of the 5336 industrial enterprises above the designated size (IEDS) totaled RMB110.93 billion, jumping by 7.6% YoY, and that of light and heavy industries came to RMB 39.87 billion and 71.06 billon respectively, a rise of 4.9% and 9.1%. Last year, the IEDS realized a sales value of RMB 507.08 billon, an increase of 6.5% YoY, in which export transaction value accounted for 69.41billion, up 3.3% YoY. 

By the end of 2019, Wenzhou owned 70 well-known Chinese trademarks recognized by the State Administration for Industry and Commerce, 46 national production bases, 24 provincial specialized brand bases, and 6 municipal specialized brand bases.

National-level Industrial Production Base

Descriptions

Location

Descriptions

Location

China Shoes   Capital

Wenzhou

China Leisure   Shoes Production Base

Ruian

China Rubber   Shoes City

Ruian

China Leather   Capital

Pingyang

China Auto   & Motorcycle Parts Capital

Ruian

China Electrical   Appliance Capital

Yueqing

China Circuit   Breaker Production Base

Yueqing

China Hardware   And Sanitary Ware Capital

Longwan

China   Lock-Making Capital

Ouhai

China Bit Industry   Base

Yueqing

China   Pen-making Capital

Longwan

China Plastic   Knitting Capital

Pingyang

China Plastic   Film Industry Base

Ruian

China Synthetic   Leather Capital

Wenzhou

China Button   Capital

Yongjia

China Printing City  

Cangnan

China Men's   Clothing City

Ruian

China Leisure   Clothing City

Yueqing

China   Spectacles Production Base

Wenzhou

China Business   Gift Production Base

Cangnan, Pingyang

China   Metal-shell Lighter Production Base

Lucheng

China   Stainless Steel Seamless Pipe Production Base

Longwan

China Razor   Production Base

Wenzhou

China   Electronic Components And Device Industry Base

Yueqing

China   Precision Mold Production Base

Yueqing

Hometown of   Pump And Valve in China

Yongjia

Zipper-making   Hometown In China

Yongjia

China Gift City

Cangnan

China   Explosion-Proof Electrical Appliances Production Base

Yueqing

China Packaging   Machinery City

Ruian

China Craft   Gift Production Base

Ruian

China Teaching   Aid & Toy City

Yongjia

Valve City In   China

Longwan

China Forging   Industry Base

Ruian

Food and   Pharmaceutical Machinery Industrial Base In China

Longwan

China Bag and   Suitcase City

Ruian

Emerging   Instrument City In China

Wenzhou

China Packaging   City

Wenzhou

Fastener-making   City In China

Wenzhou

China Textile   and Clothing Brand Center City

Wenzhou

Building   Electrical Appliance Industrial Base in China

Wenzhou

China Rubber   Products Production Base in Wenzhou

Wenzhou

Lock Export   Base in China

Wenzhou

China Underwear   Town

Yishan,

Cangnan

Shoe-Making   Capital and Children's Shoes Production Base in China

Wenzhou

China Fashion   Customization Demonstration Base

Wenzhou

Agricultural Economy

In 2019, the added value of agriculture, forestry, animal husbandry and fishery totaled RMB15.42 billion, and the grain planting area came to1.62 million mu with a grain output of 637,000 tons; the city increased one national featured agricultural town, two provincial rural complexes, four provincial projects of integrated agriculture and tourism development platform, and 14 provincial rural inns-intensive villages; 35 rural revitalization demonstration belts (RRDB) were built, 16 RRDBs transformed and upgraded, and 2 cross-regional superfine RRDBs created.  

Domestic Trade

In 2019, the total retail sales of social consumer goods in the city reached RMB 365.59 billion, an increase of 9.6% over the previous year; the retail sales of urban consumer goods reached RMB 307.01 billion, a rise of 9.1% YoY ; the retail sales of rural consumer goods reached RMB 58.58 billion, a jump of 12.3% YoY; the city's online retail sales amounted to RMB 215.22 billion, up 18.5% YoY; the residents’online consumption came to RMB 134.07 billion, an rise of 19.9%.

Tourism Industry

In 2019, the city totally received 137.28 million person times of domestic and foreign tourists, an increase of 15.2% YoY, with domestic tourists received for 136.696 million person times (a jump of 15.2% YoY), bringing a revenue of RMB 152.87 billion (a jump of 16.2% YoY), and with overseas tourists received for 584,000 person times (a rise of 5.1% YoY), bringing a foreign exchange revenue of USD 320 million (a rise of 9.3% YoY) . The tourism revenue totaled RMB 155.07 billion last year, a rise of 16.2% YoY.

Economy with Foreign Relations

In 2019, the city's total import and export of goods reached RMB 190.22 billion, an increase of 26.3% YoY. Among the goods, the import came to RMB 21.69 billion, an increase of 6.0% YoY, and the export RMB 168.53 billion, up 29.4% YoY; the export value accounted for 9.8 ‰ of the country’s total, a rise of 1.9 percent YoY; the export of private enterprises reached RMB 157.52 billion, soaring 32.4% YoY, which accounted for 93.5% of the city's total exports, a rise of 2.1 percent YoY. Last year, the city’s exports to the countries along the Belt and Road were valued at RMB 72.130 billion, soaring 52% YoY, in which exports through market procurement trade hit RMB 27.29 billion (about USD 3.93 billion); the total number of self-supporting import and export enterprises in the city reached 20,000, an increase of 111 and up 14.4% YoY, in which 516 enterprises’ export value exceeded USD 10 million, and 57 exceeded USD 50 million; the total amount of foreign investment actually utilized was USD 758 million, soaring 45.0% YoY; the city made an overseas investment totaling USD 750 million, in which USD 690 million was invested in the countries along the Belt and Road, accounting for 92.2% of the total; in addition, 38 overseas investment projects were approved.

Finance and Insurance

By the end of 2019, the balance of local and foreign currency deposits of the city’s financial institutions stood at RMB 1337.97 billion, a rise of 11.8% YoY, in which the balance of RMB deposits was RMB 1315.64 billion, an increase of 12.1% YoY; the balance of RMB deposits of the city’s households hit RMB 760.18 billion, an increase of 14.8%. By the end of  the same year, the balance of local and foreign currency loans of the city’s financial institutions totaled RMB 1160.88 billion, a jump of 15.5% YoY, in which the balance of RMB loans was RMB 1152.96 billion, an increase of 15.6%. In 2019, the city increased 5 listed companies at home and abroad, totaling 32; 3 enterprises (including those applying for share transfer) were listed on the new third board with accumulative total of listed (share transfer) enterprises up to 91; shareholding reform enterprises increased 239, totaling 1499. 

In 2019, the insurance premium income of the city's insurance industry totaled RMB 29.36 billion, up 10.7% YoY, among which the personal insurance premium income came to RMB 19.52 billion, up 10.6% YoY, the property insurance premium income reached RMB 9.83 billion, up 11.0% YoY, and RMB 8.31 billion of indemnities and other payments were made, a rise of 11.8% YoY.

 
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