Huzhou GDP down 3.7 percent in Q1

chinadaily.com.cn | Updated: May 6, 2020

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Technicians check the quality of products for export at a bulb making factory in Huzhou, Zhejiang province. [Photo provided to chinadaily.com.cn]

Huzhou, Zhejiang province reported a quarterly gross domestic product (GDP) of 65.5 billion yuan ($9.24 billion), local media reported on May 5.

The city's GDP contracted by 3.7 percent year on year in the first quarter, while Zhejiang province's overall GDP contracted 5.6 percent, according to the municipal statistical bureau.

Retail sales saw a year-on-year decline of 10.5 percent, but sales revenue was the highest among all cities in Zhejiang and 4.2 percentage points higher than the provincial average. Local authorities said the slowdown was mitigated by the developed e-commerce sector, timely financial support, and the digital transformation of industrial production.

A total of 37 online stores and restaurants saw over 400 million yuan in trade, up 30 percent year on year, while retail sales from livestreaming totaled 940 million yuan, up 115 percent year on year.

Financial agencies in Huzhou lent enterprises 537.9 billion yuan in loans, up 26.7 percent year on year, 9.8 percentage points higher than the provincial average, and representing the highest growth in Zhejiang.

Manufacturing enterprises involved in the digital economy saw their added value grow by 10.8 percent, 13.5 percentage points higher the provincial average.

In March, Huzhou's consumer price index (CPI), the main gauge of inflation, grew 3.3 percent year-on-year, down from 4 percent in February, as economic activities such as transport and logistics have recovered with the waning of the COVID-19 epidemic.