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Zhejiang: Market Profile

Major Economic Indicators

Economic Indicators2015Jan-Sep 2016
ValueGrowth
(%, y-o-y)
ValueGrowth
(%, y-o-y)
Gross Domestic Product (RMB bn)4,288.68.013,223.47.51
Per Capita GDP (RMB)77,6447.61
Added Value Output
   Primary industry (RMB bn)183.31.51125.12.51
   Secondary industry (RMB bn)1,971.15.311,433.06.21
   Tertiary industry (RMB bn)2,134.111.311,665.39.21
Value-added Industrial Output2 (RMB bn)1,319.34.411,004.16.61
Fixed-assets Investment (RMB bn)2,666.513.22,117.711.1
Retail Sales (RMB bn)1,978.510.91,561.410.9
Inflation (Consumer Price Index, %)1.41.8
Exports (US$ bn)276.61.2198.2-3.4
   By foreign-invested enterprises (US$ bn)56.7-9.537.9-12.3
Imports (US$ bn)70.7-13.449.4-6.8
   By foreign-invested enterprises (US$ bn)27.5-19.618.4-14.3
Utilised Foreign Direct Investment (US$ bn)17.07.412.38.3

Notes:
1. In real terms
2. For all state-owned enterprises and other forms with annual sales over RMB20 million

Sources: Zhejiang Statistical Yearbook 2016, Zhejiang Statistical Bureau, China’s Customs Statistics 12.2015, 9.2016

 

General Background

Zhejiang has a total area of 104,116 sq kilometres. Its total population stood at 55.39 million in 2015.

Economic development in Zhejiang is clustering in three economic belts: (1) from Beilun to Ningbo and cities along the Shanghai-Hangzhou-Ningbo Expressway, including Shaoxing, Jiaxing and Huzhou; (2) coastal cities of Wenzhou; (3) along the Zhejiang-Jiangxi, Wenzhou-Taizhou railways.

Zhejiang’s private sector has developed very quickly. The total number of private enterprises reached 1.29 million at the end of 2015, compared to 406,000 in 2006. Private enterprises accounted for about 41.6% of the province’s total gross industrial output in 2015.

Industries

Composition of GDP (%)

 2001
2015
Primary 9.6
 4.3
Secondary 51.8 45.9
   Industry 46.1 40.1
Tertiary 38.6 49.8

Source: Zhejiang Statistical Yearbook 2016

Light industries play an important role in the province’s industrial sector. In 2015, the value-added of light industries accounted for 43% of the total value-added industrial output. The labor intensive industries, namely textiles and products for culture and education etc. have predominant advantages.

Famous products include garment and textiles (especially socks and ties), chemical fibre, leather products, wooden furniture, toys, household appliances and paper, etc. Many famous national brands have emerged, e.g. Wahaha (娃哈哈), Youngor (雅戈爾), Auxgroup (奧克斯), etc. Zhejiang’s output of a number of products, including chemical fibre, cloth, paper boards, cement, chemical pesticide and ICs ranked among the highest in the country.

Since 2000, heavy industries such as electrical equipment and machinery, raw chemical materials and chemical products etc. have developed rapidly, and the value-added of heavy industries accounted for 57% of the total output in 2015.

Gross Industrial Output Share of Leading Industry Groups (2015)

 % share of gross industrial output
 Electrical equipment and machinery 9.4
 Textile industry 9.0
 Raw chemical materials and chemical products 8.1
 Ordinary machinery 6.4
 Automobile manufacturing 5.5
 Computer, communications and other electronic equipment 4.3
 Rubber and plastic 4.2
 Chemical fibre 3.8
 Smelting and pressing of non-ferrous metals 3.7
 Metal production 3.7

Source: Zhejiang Statistical Yearbook 2016

The Hangzhou Bay area (環杭州灣) is an important IT industry base after Beijing and Shanghai. The province is also aiming at speeding up the development of other hi-tech industries, in particular, biotechnology, medicine, new materials and other related industries.

Tourism

Zhejiang has a beautiful landscape with 14 state level scenic areas, including the West Lake (西湖), Putuo Mountain (普陀山), Double Dragon Cave (雙龍洞). In 2015, Zhejiang received 525 million (+9.7%) domestic tourists with a tourism receipt of RMB672 billion (+13%) and 10.12 million (+8.7%) overseas tourists with foreign exchange revenue of US$6.8 billion (+18%).

Foreign Trade

Zhejiang is one of the major export bases of China. In 2015, Zhejiang accounted for about 12.2% of China’s total exports. Major export markets include the US, Japan, ASEAN and Germany. Exports to Hong Kong amounted to US$5,388 million in 2015 (-7.5%), or 2% of the total exports. Major export items included electrical and mechanical products, garments and textiles, and other high-tech products.

Major importing sources include Japan, Taiwan, South Korea, ASEAN and the US. Major import items included electrical and mechanical products, other high-tech products, plastics in primary forms, farm products and iron ore.

Foreign Investment

Chart: Utilised FDI of Zhejiang
Chart: Utilised FDI of Zhejiang

Hong Kong is the largest source of FDI in Zhejiang. In 2015, Hong Kong investors signed 805 projects with contracted investment amount of US$18.5 billion. Utilised FDI from Hong Kong stood at US$10.7 billion in 2015, accounting for 63.1% of the total. Other major investors (in terms of utilised capital) came from Germany, Virgin Islands, the US and Singapore.

Consumer Market

In 2015, Zhejiang's per capita disposal income of urban household reached RMB43,714 (+8.2%).

Composition of Per Capita Expenditure of Urban Household (%)

 20002015
 Food, drinks & alcohol 39.2 28.2
 Clothing 8.1 7.1
 Household articles 9.4 4.7
 Medicine & medical services 7.7 5.4
 Transportation & communications 8.9 16.6
 Recreation, cultural & education 13.1 10.3
 Residence 8.6 24.1

Source: Zhejiang Statistical Yearbook 2016

Major consumer markets are located in Hangzhou, Ningbo, Shaoxing and Jiaxing. Various forms of modern operation such as chain stores, supermarkets and convenience stores are growing fast. Yiwu China Commodity City is the No.1 professional market for small commodities in China, and a famous international purchasing base.

Economic Indicators of Major Cities (2015)

CitiesGDP
(RMB bn)
Per Capita GDP
(RMB)
Gross Industrial Output*
(RMB bn)
Retail Sales
(RMB bn)
Exports
(US$ bn)
 Hangzhou (杭州)  1,005.0
 139,653
 1,241.6
 469.7
 50.0
 Ningbo (寧波)  800.4 136,773 1,386.9 334.9 71.4
 Jiaxing (嘉興)  351.8 100,852 756.9 149.5 22.9
 Shaoxing (紹興)  446.6 100,796 974.6 162.1 27.1
 Wenzhou (溫州)  461.8 56,841 494.4 267.4 17.1
Taizhou (台州)  355.4 59,499 385.2 182.7
 18.8

* For all state-owned and other forms of enterprises with annual sales over RMB20 million

Source: Zhejiang Statistical Yearbook 2016

 

 

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