Hangzhou's GDP reaches 285.9 billion USD in 2021

Published : Wednesday, January 26, 2022, 10:18 am
ACROFAN=PRNewswire | | SNS

HANGZHOU, China, Jan. 26, 2022 /PRNewswire/ -- A news report by On January 21, Hangzhou's economic data in 2021 was released: Hangzhou saw its Gross Domestic Product (GDP) grow 8.5 % year-on-year to 1.81 trillion yuan (285.9 billion USD) in 2021, greater than the GDP of Colombia, Finland and Vietnam, and the growth rate is 0.4% higher compared to China.

Viewing from the data, the resilience and vitality of Hangzhou's economy have been continuously enhanced, creating a solid ground for common prosperity. Hangzhou's city ranking, industrial economy, and industrial investment have reached the best level in recent years, achieving a good start for high-quality development in a turbulent time.

As a major player in digital economy, Hangzhou continued to lead and influence the digital landscape during the past year. In 2021, the Value-Added of the core industries of the digital economy in Hangzhou reached 490.5 billion yuan (77.4 billion USD), a year-on-year increase of 11.5% and average growth of 12.4% in the two years; the Value-Added of the digital economy accounted for 27.1% of Hangzhou's GDP, an increase of 0.5% from the previous year.

In 2021, Hangzhou's industrial economy achieved the highest growth rate since 2015. Among them, the Value-Added of Hangzhou's industrial enterprises above designated size was 410 billion yuan (64.7 billion USD), a year-on-year increase of 10.6%, 2% higher than that in 2019. High-end manufacturing is also on the rise, with a 16.4% year-on-year increase of Value-Added in the core industries of digital economy above designated size, a 5.8% higher than that of industrial enterprises above designated size.

When combating COVID-19 becomes the new normal, Hangzhou's service industry and market consumption recover as well. The total Value-Added of the city's service industry reached 1,228.7 billion yuan (194.1 billion USD), a year-on-year increase of 8.7%. Among them, online shopping has shown tremendous growth. In 2021, the city's total retail sales of consumer goods are 674.4 billion yuan (106.5 billion USD), up 11.4% year-on-year.

In addition, in 2021, Hangzhou also focused on ensuring and improving people's livelihood and well-being, striving to achieve a solid start in the construction of a model city for common prosperity. The per capita disposable income of residents in Hangzhou was 67,709 yuan (10,704 USD), an increase of 8.0%. The income ratio of urban and rural residents narrowed from 1.77 in the previous year to 1.75, which has been shrinking for 11 consecutive years.

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