Wenzhou's economy grows 6.3% amid innovation push

A charming bird's-eye view of Wenzhou, a coastal city in Zhejiang province. [Photo by Chen Xiang/WeChat account: wenzhoufabu]

The GDP of Wenzhou city in East China's Zhejiang province hit 971.88 billion yuan ($132.43 billion) in 2024, up a hefty 6.3 percent year-on-year.

That's according to the city's latest statistical bulletin, which also reported that per capita GDP rose to 99,106 yuan.

High-tech industries led the charge, with output in high-tech manufacturing and equipment manufacturing up 13.1 percent and 14.5 percent, respectively. Private enterprises contributed an overwhelming 90.8 percent of large-scale industrial output, while six local firms made it onto the list of China's top 500 companies.

Total imports and exports grew 4.1 percent to 293.7 billion yuan, with exports rising an impressive 7.7 percent. Exports to ASEAN and Belt and Road countries showed notable gains and the city also attracted $414 million in foreign investment, over half flowing into the high-tech sectors.

Wenzhou's permanent population reached 9.85 million last year and the urbanization rate rose to 76 percent. Per capita disposable income rose 5.1 percent to 70,829 yuan, while consumer spending climbed 7.2 percent.

The city advanced in green and rural development, digital transformation, infrastructure and global engagement – consolidating its role as Zhejiang's "third growth pole" following the cities of Hangzhou and Ningbo.