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Shaoxing's GDP grew 4.4 percent year-on-year in 2022 to hit 735.1 billion yuan ($106.81 billion), the municipal government announced at a conference on March 30.

The city's growth rate was the third highest in Zhejiang province.

In 2022, the city attracted 63 industrial projects with a combined investment of over 1 billion yuan, with BYD's new energy power batteries and power semiconductor projects being among them.

The city also attracted $1.02 billion in foreign investment.

Shaoxing's import and export volume in 2022 was worth 369.2 billion yuan, an increase of 23.3 percent year-on-year, the third highest in the province.

Shaoxing has set its sights high for 2023 and is aiming to achieve a GDP growth rate of over 6.5 percent, a 6 percent increase in the retail sales of consumer goods, and a growth rate of over 10 percent for exports.

Shaoxing authorities have also unveiled a plan for its technology sector that is aimed at increasing the number of national high-tech enterprises in the city by 350 within three years, establishing 800 provincial technology-based small and medium-sized enterprises, and setting up 50 provincial enterprise research institutes.