Hangzhou's GDP reaches 1.01 trillion yuan in H1

In the first half of 2024, Hangzhou's gross domestic product reached 1.0137 trillion yuan ($139.3 billion), marking a year-on-year increase of 4.8 percent.

The city's large-scale industrial added value grew by 4 percent to 212.4 billion yuan, a 0.8 percentage point increase from the first quarter. Meanwhile, the computer, communication, and other electronic equipment manufacturing sector saw a growth of 10.1 percent, electrical machinery and equipment manufacturing grew by 11 percent, and the automotive manufacturing sector increased by 17.5 percent.

Investment in the city remained stable, with industrial investment in particular growing by an impressive 8.5 percent in the first half of the year. This growth contributed 1.2 percentage points to the overall increase in fixed asset investment.

Hangzhou's total import and export volume reached 406.3 billion yuan, up 5.4 percent year-on-year, with private enterprises' exports growing by 5.7 percent, accounting for 76.1 percent of the city's total exports.

The service sector experienced steady growth, with an added value of 728.3 billion yuan, up 5 percent year-on-year. From January to May, large-scale service enterprises (excluding wholesale, retail, accommodation, catering, finance, and real estate) reported operating income of 804.2 billion yuan, a 10.3-percent increase.

Retail sales remained stable, with a total of 372.4 billion yuan in social consumer goods sales, matching last year's figures. Additionally, the per capita disposable income of residents grew by 4 percent to 42,692 yuan, with rural income growth outpacing urban income growth.