The added value of Wenzhou's industries above designated size reached 161.98 billion yuan ($22.5 billion) in 2023, up 9.4 percent year-on-year and ranking third in Zhejiang province, according to the Wenzhou municipal bureau of statistics.
The added value of the five traditional pillar industries and the five new strategic industries increased by 10.4 percent and 9.9 percent year-on-year, respectively, with several industries achieving double-digit growth. Among the 33 major industrial categories, 28 achieved positive growth in added value, a growth rate of 84.8 percent.
The city's industrial innovation momentum also increased. The research and development expenses of industries above designated size amounted to 25.5 billion yuan in 2023, up 11.4 percent year-on-year, and R&D expenses made up 3.4 percent of operating income, ranking third in the province.
The city's enterprise efficiency also improved significantly. The total profits of industries above designated size were 40.25 billion yuan in 2023, up 10.7 percent year-on-year. The operating income totaled 743.25 billion yuan, an uptick of 4.9 percent year-on-year. A total of 25 industries achieved positive year-on-year growth in operating income, a growth rate of 75.8 percent.
