Zhejiang's manufacturing sector surges in 2024
Workers inspect partially assembled vehicle frames at a manufacturing facility in Ningbo, Zhejiang province. [Photo/VCG]
Zhejiang province's 17 traditional manufacturing industries saw a combined industrial added value of 1.3 trillion yuan ($180 billion), an 8 percent increase from the previous year, according to the Economy and Information Technology of Zhejiang Province.
The consumer goods, raw materials, and machinery sectors all posted steady gains, while industries such as low-voltage electrical equipment, auto parts, and sporting goods recorded double-digit expansion.
Zhejiang's chemical, auto parts, textile, and metal product sectors each surpassed 100 billion yuan in industrial added value, solidifying their role as economic pillars.
Exports played a crucial role in this momentum, with sales output rising by 4 percent year-on-year. Auto parts, in particular, stood out with a 20 percent surge in exports, helping Zhejiang's new energy vehicle and components sector exceed 1 trillion yuan in revenue.
Investment in traditional manufacturing remained strong, growing by 6.1 percent and accounting for more than half of total manufacturing investment. R&D spending and new product value ratios outpaced provincial averages, while profit margins maintained a steady upward trend for six consecutive months.