Highlights
By Han Yifei
Hangzhou's economy continues to perform marvelously, with the city reporting an impressive GDP growth of 6.9% in the first half of the year, according to the unified calculation results of the regional GDP. The total amount stands at 960.2 billion yuan, 2.3% increase compared to Q1, outpacing the national average by 1.4%.
The primary industry sector reported an added value of 15.1 billion yuan, up by 3.3% YoY. The secondary industry achieved an added value of 270.3 billion yuan, a 1.3% increase YoY. In contrast, the tertiary industry saw the most robust growth, with an added value of 674.8 billion yuan, marking a 9.3% surge YoY.
Among these, agricultural production remained stable with a total output value of 25.2 billion yuan from agriculture, forestry, animal husbandry, and fisheries, increased by 3.4% YoY. The industrial sector was on the road to recovery, contributing an added value of 210.8 billion yuan, up by 1.3%. Lastly, the service sector exhibited a promising trend, with its added value climbing by 9.3%.
In the retail landscape, the total retail sales of consumer goods for the city amounted to 372.5 billion yuan, an increase of 8.7% YoY. Breaking down by consumption type, retail sales of goods and catering income rose by 6.9% and 18.0%, respectively.
Investment structure is also optimized with fixed asset investment growing by 8.3%, 4.5%, higher than the national average. The Industrial investment experienced a whopping increase of 42.3%.
On the fiscal front, the general public budget income of the city grew by 11.1%, reaching 166.2 billion yuan. By the end of June, the deposit balance of financial institutions in both local and foreign currencies was 7,620 billion yuan, a growth of 15.1% YoY.
Hangzhou residents also saw an improvement in their incomes. The per capita disposable income of the city's residents increased by 5.4% to 41,053 yuan. Urban residents saw their per capita disposable income rise by 5.0% to 45,489 yuan, while rural residents experienced a more significant increase of 7.0% to 25,754 yuan.
Consumer prices remained generally stable with a slight annual increase of 0.3%, while the producer price index for industrial producers fell by 1.7%.
The city that is ready to host the 19th Asian Games this September is striving to reshape high-quality development and achieve new economic leaps.