Comprehensive Strength

In 2022, facing the complex and severe domestic and international situation and multiple unexpected factors, Wenzhou adhered to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, deeply studied and implemented the guiding principles of the 20th National Congress of the Communist Party of China (CPC), conscientiously carried out the decisions and deployments of the CPC Central Committee, the State Council and the Provincial Party Committee and Provincial Government, and forged ahead in spite of difficulties with high efficiency in responding to Covid-19 and pursuing economic and social development in a well-coordinated way. While preventing the epidemic, stabilizing the economy, and ensuring safe development, we spared no efforts to stabilize growth, increase momentum, promote common prosperity, secure safety and strengthen Party building. Accurate measures were adopted to safeguard economic development and facilitate the “Four Major Revitalization” (which refers to urban revitalization, rural revitalization, industrial revitalization and cultural revitalization), with a focus on strengthening Wenzhou’s position as the “third pillar of the province”. As a result, the city has witnessed steady economic operation, improving development quality, rising production demand, burgeoning innovative power, sound growth of social undertakings, and people’s livelihoods being guaranteed, advancing towards common prosperity in a solid manner.

Main national economic indicators of Wenzhou City

Industrial Economy

In 2022, there were 7,701 industrial enterprises above designated size in the city, yielding an industrial added value of 146.78 billion yuan, up 4.7%. Among them, the light industry and the heavy industry reaped an added value of 47.92 billion yuan and 98.86 billion yuan respectively, up 2.6% and 5.8%. The sales value of industrial enterprises above designated size, up 8.3%, was 724.14 billion yuan, including an export delivery value of 92.16 billion yuan with an increase of 15.9%. For the whole year, the profit of industrial enterprises above designated size totaled 34.35 billion yuan, down 3.4% YoY. Among them, the profit of the high-tech industries, the equipment manufacturing industries, and the core industries and manufacturing industries of digital economy grew 0.9%, 2.0%, and 23.2%, respectively, which were 4.3, 5.4, and 26.6 percentage points higher than that of the industrial enterprises above designated size. In the industrial enterprises above designated size, the labor productivity of the entire staff for the whole year reached 185,000 yuan/person, an increase of 5.8% YoY, and the capacity utilization rate came to 80.0%.

Agricultural Economy

In 2022, the output value of agriculture, forestry, animal husbandry and fisheries reached 27.75 billion yuan, an increase of 4.8% YoY when calculated at comparable prices. In terms of industry, crop production, forestry, animal husbandry and fisheries had an output value of 12.46 billion yuan, 0.75 billion yuan, 3.73 billion yuan and 10.16 billion yuan respectively, up 2.2%, 7.9%, 4.5% and 8.0%. Agricultural, forestry, animal husbandry, and fisheries services turned out an output value of 0.66 billion yuan, up 6.7%.

In the whole year, the planted area of food crops covered 1.699 million mu (approximately 1,132.7 km2), an increase of 1.6%; the output of food crops was 690,000 tons, up 0.8%. In terms of economic crops, the area of vegetable planting, rape seed, medicinal plant planting, and fruit and melon for market use amounted to 1.091 million mu (727.3km2), 129,000 mu (86km2), 131,000 mu (87.3km2) and 174,000 mu (116km2) respectively, up 2.2%, 7.5%, 1.0% and 0.1%.

Domestic Trade

In 2022, the city achieved a total retail sales of social consumer goods of 394.41 billion yuan, an increase of 3.6% YoY.

In the wholesale and retail sectors where the sales of goods exceed a certain quota, the sales of cereals, oils and foodstuffs, of Western and Chinese medicines, and of clothing, shoes and hats respectively grew by 5.9%, 11.0%, and 18.9% YoY. The demand for consumption of upgraded goods continued to rise, with that for new energy vehicles, cosmetics, gold and silver jewelry, and photographic equipment going up by 94.4%, 19.4%, 14.8%, and 33.4% respectively. The total online retail sales in the city stood at 232.18 billion yuan, an increase of 5.5%, while the total online consumption of residents amounted to 159.03 billion yuan, an increase of 2.9%.

Tourism Industry

In 2022, the city received 46.969 million domestic and foreign tourists, generating a tourism revenue of 62.54 billion yuan, down 5.3% and 3.2% respectively YoY. Among them, 46.962 million domestic tourists were received, with a revenue of 62.52 billion yuan, down 5.3% and 3.2% respectively YoY. There were 6,000 overseas tourists who brought about an overseas revenue of 3.736 million US dollars.

Foreign Trade

In 2022, the total import and export volume of goods for the whole year hit 294.96 billion yuan, up 22.4% YoY, of which exports and imports contributed 250.20 billion yuan and 44.75 billion yuan to the sum respectively, an increase of 22.9% and 19.3%. The export volume of private enterprises, up 23.5%, topped 239.38 billion yuan, contributing 95.7% to the total export volume of the city. Exports to markets such as the U.S., Russia, and Latin America gained 20.1%, 13.3%, and 18%, respectively. As of the end of 2022, the city housed 10,625 import and export enterprises with actual performance, including 825 enterprises with self-export of more than 10 million US dollars and 91 enterprises with export of more than 50 million US dollars.

Finance and Insurance

At the end of 2022, the balance of domestic and foreign currency deposits of financial institutions was 1,914.04 billion yuan, an increase of 15.8% from the end of the previous year. Among them, the balance of RMB deposits totaled 1,885.11 billion yuan, an increase of 16.3%. The balance of domestic and foreign currency deposit of households at the end of the year was 1,119.99 billion yuan, an increase of 20.2%. The balance of domestic and foreign currency loans of financial institutions at the end of the year was 1,811.68 billion yuan, up 14.5%, including 1,803.01 billion yuan balance of RMB loans, up 14.4%. In 2022, the city added 11 new domestic and foreign listed companies, bringing the total number of listed companies to 60. Another 2 companies were newly listed on the New OTC Market, so that the number of listed companies reached 95. There were 33 new regional capital market listed companies in 2022, with a total of 908, and there were 147 new joint-stock companies, with a total of 1,336 registered joint-stock companies (excluding branches). In 2022, the securities trading volume attained 3.56 trillion yuan, down 18.7% YoY, and the futures trading volume was 2.84 trillion yuan, down 10.4% YoY. The comprehensive annual interest rate index for private financing in the city (referred to as the “Wenzhou Index”) was 15.0%, an increase of 0.5 percentage points YoY.

The year 2022 also saw a premium income of 33.37 billion yuan, an increase of 8.1% YoY. Among them, the premium income of personal insurance was 22.52 billion yuan, up 7.6%, and that of property insurance was 10.85 billion yuan, up 9.1%. Various types of compensation and payout expenditures, up 4.3%, reached 10.12 billion yuan, among which the personal insurance payouts were 3.36 billion yuan, an increase of 3.4%, and the property insurance payouts were 6.76 billion yuan, an increase of 4.8%.