Zhoushan's industrial economy off to strong start in Q1

The industrial output value of large-scale industries in Zhoushan, Zhejiang province reached 101.42 billion yuan ($13.99 billion) in the first quarter of this year, an increase of 12.8 percent year-on-year.

The added value of the city's large-scale industries increased by 13.7 percent year-on-year.

The strong performance can be largely attributed to a series of efforts made by authorities, including fostering pillar industries, attracting investment, and promoting industrial transformation and upgrading.

The output value of the city's petrochemical industry increased by 12.3 percent, while the shipbuilding and marine engineering industry saw a 32.3 percent increase in output value. Key ship repair enterprises achieved breakthroughs in high-end areas such as methanol dual-fuel conversion.

In the same period, the city completed a total industrial investment of 13.81 billion yuan, an increase of 14.7 percent year-on-year, accounting for 49.3 percent of the city's fixed asset investment. Its investment in technological transformation increased by 115.8 percent year-on-year.

Authorities have also been focusing on accelerating the digitalization and industrialization of its industries, unleashing a surge in new quality productive forces. The added value of the city's strategic emerging industries and the core manufacturing industries of the digital economy increased by 71.6 percent and 24.4 percent respectively.