Huzhou's GDP targeted to hit 500b yuan in 2025 | Updated: Mar 2, 2021

Huzhou's gross domestic product (GDP) surged 3.3 percent year-on-year to 320.14 billion yuan ($49.25 billion) in 2020, according to the government work report delivered by Mayor Wang Gang. 

Wang delivered the report at the sixth session of the eighth Huzhou Municipal People's Congress that commenced in the city in East China's Zhejiang province on March 1. 

Its fiscal revenue and general public budget revenue jumped 7.7 percent and 6.5 percent respectively.

Residents saw a stable increase in income last year. The per capita disposable income of its urban residents rose 4.6 percent to 61,743 yuan, while the figure for rural residents was 37,244 yuan, up 7 percent. 

According to the report, Huzhou witnessed a notable improvement in its economy during the 13th Five-Year-Plan (2016-20) period.

Its GDP grew from 222.31 billion yuan to 320.14 billion yuan from 2015 to 2020, registering an average year-on-year growth of 7.1 percent over the period.

Over the same period, the city's fiscal revenue increased from 32.78 billion yuan to 58.21 billion yuan, an average annual growth of 12.2 percent, the fastest in Zhejiang.

Huzhou was also ranked 55th nationwide in terms of comprehensive strength.

The report also set prime development goals for the city during the 14th Five-Year-Plan (2021-25) period. The city aims to lift its GDP to 500 billion yuan and increase the urbanization rate to 72 percent by 2025.

The city's per capita GDP is expected to exceed the provincial average, while its R&D spending will account for 3.3 percent of the total economic output by 2025.

The city's economic output for this year is forecasted to rise by more than 7.5 percent.