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Wenzhou Info
Economy

Comprehensive strength

In 2021, Wenzhou responded to Covid-19 and pursued economic and social development in a well-coordinated way; by aiming five new targets, it began to break new ground in ten fields, accelerated the construction of model cities and pacesetters in five aspects, and launched “three 100-day crucial actions” for major project construction, making a good beginning in implementing the 14th Five-Year Plan. Last year, the city kept the fundamentals of the economy stable, and major economic indicators within an appropriate range, continued to improve the quality of development, sped up the growth of new drivers, with progress made in social undertakings, people's livelihood and common prosperity.

Main national economic indicators of Wenzhou City

IndicatorsUnit:YuanIn 2020In 2021Rise in 2021 over the previous year(%)
GDPbillion687.09758.57.7
Total fiscal revenuebillion96.25108.1512.4
Total retail sales of social consumer goodsbillion349.78380.778.9
Total value of China’s import and exportbillion218.97241.1210.1
Balance of RMB deposits of financial institutionsbillion1503.21621.397.9
Balance of RMB loans of financial institutionsbillion1356.531575.5416.1
Per capita disposable income of urban residents163,48169,6789.8
Per capita disposable income of rural residents132,42835,84410.5

Industrial economy

In 2021, there were 6,708 industrial enterprises above designated size in the city, with an industrial added value of 131.96 billion yuan, up 10.1% YoY, and with a two-year average growth of 6.6%. Among these enterprise, the added value of high-tech industries, equipment manufacturing and strategic emerging industries increased by 8.9%, 11.2% and 11.4% respectively, accounting for 64.7%, 55.5% and 32.3% of that of the total industrial enterprises above designated size respectively. The added value of high-end equipment, fashion, new materials and core industries of digital economy increased by 9.4%, 9.6%, 12.8% and 10.4% YoY respectively.The output value of new industrial products of the above enterprises increased by 21.3% YoY; their output rate of new products was 38.6%, up 0.9 percent YoY.

Agricultural economy

In 2021, the output value of Wenzhou’s agriculture, forestry, animal husbandry and fishery reached 26.07 billion yuan, an increase of 5.0% YoY. The annual grain planting area was 1.673 million mu, with a grain output of 685,000 tons. During the year, 320 ecological leisure industrial belt projects were implemented in the western city, attracting 59.96 million rural tourists. During the year, the city built one national-level modern agricultural industrial park, one national-level characteristic agricultural town, one provincial-level modern agricultural park, two municipal-level pastoral complexes, two “China’s Beautiful Leisure Villages” , four provincial leisure villages and five provincial agritainment gathering villages; twenty-eight rural revitalization demonstration zones were built, with the number of the accumulated zones up to 109, and 776 new provincial beautiful villages in the new era were formed, with the accumulated number coming to 2,347, covering 79.5% of the city.

Domestic trade

In 2021, the total retail sales of consumer goods in Wenzhou reached 380.77 billion yuan, an increase of 8.9% YoY and an average increase of 2.9% over the previous two years. In the total volume of retail sales of the wholesale and retail enterprises with sales volume above designated size, beverages, clothing, shoes and hats, Chinese and western medicine, cigarette and liquor increased by 5.3%, 6.8%, 7.7% and 19.3% respectively YoY; consumer demand for upgraded goods continued to be released, with new energy vehicles, communications equipment, gold, silver and jewelry, and photographic equipment increasing by 140.1%, 83.6%, 38.6% and 28.5% respectively YoY; the online retail sales of the city was 219.98 billion yuan, up 8.4% YoY; the residents’ online consumption was up to 154.61 billion yuan, up 8.2% YoY.

Tourism industry

In 2021, the city received 49.578 million tourists from home and abroad, achieving a total tourism revenue of 65.71 billion yuan, up 11.4% and 16.0% YoY respectively. Among them, 49.566 million were domestic tourists, which created a revenue of 65.68 billion yuan, and 12,000 from abroad, which created foreign exchange of USD 4.729 million, a rise of 11.4% and 16.2% YoY respectively.

Economy with foreign relations

In 2021, the total import and export of goods reached 241.12 billion yuan, an increase of 10.1% YoY, of which the import was 37.54 billion yuan, up 20.3% and the export 203.58 billion yuan, up 8.4%. The import and export volume of services trade reached 10.38 billion yuan, a rise of 24.5% YoY; the export of private enterprises reached 193.86 billion yuan, up 8.4% YoY, accounting for 95.2% of the city's total goods export. During the year, increased import and export enterprises came to 2,637, among which self-support export enterprises with exports over USD10 million reached 714, an increase of 153 compared with those at the end of last year, and enterprises with exports exceeding USD 50 million came to 71.

Finance and insurance

At the end of 2021, Wenzhou’s balance of local and foreign currency deposits of financial institutions reached 1,653.55 billion yuan, up 8.3% YoY, among which the balance of RMB deposits was 1,621.39 billion yuan, up 7.9% YoY. At the end of the year, the household RMB deposits reached 921.44 billion yuan, up 7.8%, and the balance of local and foreign currency loans of financial institutions reached 1,582.52 billion yuan, up 16.0%, of which the balance of RMB loans was 1,575.54 billion yuan, up 16.1% YoY. In 2021, eight companies were listed in and out of China, one company was listed on new OTC market, and 28 enterprises were listed on the regional capital market, with totally 49, 93 and 918 enterprises going public respectively up to last year. In the same year, 193 limited liability companies were founded, with totally 1,931 established up to last year.

In 2021, the city's premium income was 30.87 billion yuan, an increase of 5.0% YoY. Among the income, the life insurance premium income accounted for 20.92 billion yuan, up 6.7% YoY, and the property insurance premium for 9.95 billion yuan, up 1.7%; expenditure on reparations and payments was 9.70 billion yuan, an increase of 11.3% YoY .

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