Hangzhou's GDP reaches 285.9 billion USD in 2021

HANGZHOU,China,Jan. 26,2022 -- A news report by haiwainet.cn: 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.