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Hangzhou sees positive H1 GDP growth

(ehangzhou.gov.cn) Updated : 2020-07-24

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An aerial view of Hangzhou, capital of East China's Zhejiang province [Photo/zj.zjol.com.cn]

Hangzhou's GDP stood at 738.8 billion yuan ($106 billion) in the first half of this year, an increase of 1.5 percent year on year, according to statistics recently released by the Hangzhou statistics bureau.

The statistics showed that the added value of the primary industry in Hangzhou was 15.5 billion yuan in the first half of this year, a year-on-year increase of 0.1 percent.

The added value of the city's secondary industry was 213.1 billion yuan, down 1.6 percent year-on-year, while the added value of its tertiary industry was 510.2 billion yuan, up 3.2 percent year-on-year.

The digital economy has long been a driving force behind Hangzhou's economic growth. In the first half of the year, the added value of the city's core digital economy industry was 183.3 billion yuan, accounting for 24.8 percent of the city's GDP and increasing by 10.5 percent year on year.

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Workers at a workshop in Hangzhou, capital of East China's Zhejiang province [Photo/zj.zjol.com.cn]

As Hangzhou steps up efforts to restore its economy, its secondary industry has seen a rebound. In the first half of the year, the industrial added value of the city's companies above designated size reached 163.6 billion yuan, a year-on-year growth of 0.1 percent.

The city saw a notable increase in the added value of sectors such as inter-computer communication, the manufacture of electronic equipment, pharmacy, high technology, and equipment manufacturing.

Hangzhou's fiscal revenue also saw positive growth as the city's economy recovers. Its general public budget revenue was 127.6 billion yuan, a year-on-year increase of 1.2 percent.