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Wenzhou industrial added value grows 7.4% in Q1
Date:2022-05-05 11:08:52 Source:Wenzhou·China Fonts:[ Large Medium Small ]

On April 27th, Wenzhou released the report of industrial economic operation analysis in the first quarter (Q1), which showed that, Wenzhou had focused on enterprise relief, resume production, capital expansion and other key work, to promote the quickest start-up of industrial enterprises, and keep industrial economic operation in steady progress within expectations and pressure. In the first quarter, Wenzhou industrial added value reached 67.33 billion yuan, with an increase of 7.4%, higher than the GDP growth rate of 1.3 percentage points.

Traditional industries continue to play the role of stabilizer. In Q1, the added value of industrial enterprises above designated size in the five traditional pillar industries grew 11.2% year-on-year, 1.8 percentage points higher than the average growth rate (AGR) of Wenzhou. Among them, the footwear industry grew 16.4% year-on-year, 7 percentage points higher than the AGR of Wenzhou, being the fastest growth rate of the five traditional pillar industries. Industry analysts believe that this is closely related to the industry's exports that accounted for about 30% for its industrial export value in the first quarter, with an increase of 37.9% year-on-year.

At the same time, the new-emerging industries show a good momentum of rapid development. In Q1, Wenzhou attracted 13 digital economy projects with more than 100 million yuan respectively, and the core industry of digital economy manufacturing value added increased by 11.7% year-on-year, 2.3 percentage points higher than the AGR of Wenzhou on the added value of industrial enterprises above designated size.

Micro and small-sized enterprises still contribute to the growth of Wenzhou's industrial economy. In Q1, 1,412 small enterprises above designated size bring the industrial added value growth of 3.8 percentage points. The added value of 6,870 small enterprises increased by 11.3% year-on-year, 1.9 percentage points higher than the AGR of Wenzhou; 362 micro enterprises added value increased by 16.1% year-on-year, 6.7 percentage points higher than the AGR of Wenzhou.

During the same period, Wenzhou enterprises continue to invest more in R & D innovation. From January to February, Wenzhou’s R & D expenditure increased by 32.4% year-on-year, 6.7 percentage points higher than the AGR of the whole province, ranking the third in Zhejiang province. R & D expenses accounted for 2.87% of operating revenue, 0.32 percentage points higher than AGR of the province, ranking the third. In Q1, Wenzhou’s output value of new products by industrial enterprises above designated size grew 24.9% year-on-year, and the output rate of new product was 36.4%, 1.8 percentage points higher than the same period of last year.

During the sporadic outbreak of COVID-19 in China, to help enterprises to overcome the difficulties, various government departments make effective efforts to continue to help enterprises to alleviate difficulties in Q1. More specific measures are taken, such as: efforts shall be stepped up to guarantee factors, until April 20th, Wenzhou has completed the industrial land supply for 2680 mu; the payment for goods of manufacturing industries added 15.34 billion yuan, an increase of 20.3% year-on-year, of which medium and long-term loans increased by 46.7% year-on-year. In addition, with the ten measures for business commencement, small and medium-sized manufacturing enterprises benefit from beneficial policies like the deferred payment of certain taxes and fees, so far this year, Wenzhou has reduced 5.2 billion yuan in total for enterprise.

Official of the Wenzhou Municipal Bureau of Economy and Information Technology said that, Wenzhou will try her best to maintain security in relative areas, speed up the expansion of capital, accelerate the intelligent transformation, and jointly assure the stable growth.

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