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GDP of Zhejiang Climbs over 5 Trillion Yuan
2018-01-30 09:26:52

Zhejiang reached new heights in economic strength! At the first session of the 13th Zhejiang Provincial People’s Congress held on January 25, the government work report delivered by Governor Yuan Jiajun indicated that in 2017 Zhejiang’s GDP reached RMB5.1768 trillion, up 7.8% YoY, crossing the threshold of 5 trillion for the first time.
The real economy is the main thrust of Zhejiang’s 5 Trillion GDP. Over the past five years Zhejiang has firmly prioritized the key driver of the real economy in development, scoring great success in economic transformation and upgrading. Zhejiang has kept advancing the work of “4 changes and 3 famous”, “turn self-employment into enterprise, scale up small business, move large companies toward share-holding, and turn share-holding companies into listed ones”, and “the return of Zhejiang entrepreneurs”, and in the meantime, “Internet +”, “Robots +” and “Standardization +” have each delivered fruitful results.
The past five years have witnessed progressive optimization of Zhejiang’s industrial structure regarding the primary, secondary and tertiary industries, upgrading from 4.8:58.9:46.3 to 3.9:43.4:52.7 to greatly raise economic quality and efficiency. Among the three industries, services have increased relatively fast. As of 2017, Zhejiang’s services increased 1% faster than that of GDP, contributing 57.0% to GDP. From January to November, large service enterprises (annual sales >20 million) in Zhejiang delivered 27.1% increase in terms of revenue to lead the rest of China.
The new driving forces combined with the conventional ones send strength together to strongly support the promotion of Zhejiang’s economy in a steady way. The industries with cutting-edge modes characterized by digital economy and “Internet Plus” have developed rapidly. The data from Zhejiang Administration of Commerce shows that in 2017, the provincial online retail turnover was 1.3337 trillion yuan, an increase of 29.4% compared with that of last year, among which, cross-border online retail export reached 43.81 billion yuan, rose by 37.2% year on year. The new service patterns like platform economy, shared economy, car-hailing and online medication expanded the field of consumption. According to statistics, the added value of “Three New” economy was predicted for 1.25 trillion yuan, rose by 15.5% year on year, accounting for 24.1% of gross domestic product, and contributed 37.1% in the growth of GDP in 2017.
In terms of upgrading conventional industry, the province issued “The Action Plan on the Comprehensive Transformation and Improvement of Conventional Manufacturing Industry (2017 - 2020)”. The total investment of conventional manufacturing industry reached 308.7 billion yuan, up 6.7% year on year, the total profit increased 23.2%. Besides, the output of new products increased 19.7% over the previous year, the rate of output value amounted to 35.4%. 
The province speeds up the formation and development of new driving forces and strengthens scientific and technological innovation. In the past 5 years, the proportion of research and development outlays went up from 2.05% to 2.43%; the high-tech enterprises increased from 5,008 to 11,462, small and medium-sized sci-tech enterprises arose from 5,574 to 40,440.
The report showed that the provincial GDP would strive to exceed 7 trillion yuan within 5 years. Zhejiang would vigorously develop the new economy with the core of digital economy in a bid to build modernized economic system in the next five years.

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