In 2018, Zhejiang province's GDP reached 5.62 trillion yuan ($837.66 billion), ranking fourth in the country. The per capita GDP was 98,643 yuan, a year-on-year increase of 5.7 percent. The added value of primary industry totaled 196.7 billion yuan, an increase of 1.9 percent, while that of secondary industry achieved 2.35 trillion yuan, an increase of 6.7 percent, and tertiary industry 3.07 trillion yuan, an increase of 7.8 percent.
The contribution rates of the three industries to GDP growth were respectively 1 percent, 42.8 percent and 56.2 percent. The ratio of added value of the three industries was adjusted from 3.5:43.0:53.3 in 2017 to 3.5:41.8:54.7 in 2018.
Industrial enterprises above designated size in Zhejiang gained an added value of 147.4 billion yuan in 2018, an increase of 7.3 percent. Sales volume increased by 10.6 percent, of which domestic sales volume and export delivery volume increased by 11.0 percent and 8.6 percent.
The manufacturing industry has been the main driving force of the economic boom in Zhejiang in recent years, and is expected to have an even greater impact on the next phase of development. According to the province’s 13th Five-Year Plan (2016-2020), 15 local industrial clusters plan to invest 200 billion yuan in 23 key projects to construct a number of high-end industrial bases and platforms.
Hangzhou Dajiangdong Industrial Park has invested 4 billion yuan in Chang’an Ford Phase II project which manufactures core components for cars. Hangzhou Bay New Zone has focused on the health industry and promoted the construction of Pharmaron Life Science and Technology Industrial Park, gathering 8,000 talented researchers and becoming a biomedicine research and development (R&D) and industrialization base for the province.
The province aims to build one industrial cluster area worth hundreds of billions of yuan, two industrial cluster areas worth 80 billion yuan and five industrial cluster areas worth 50 billion yuan in 2020, forming several intelligent manufacturing, energy saving and new energy vehicle industrial clusters.