Hangzhou’s GDP reaches 1.61 trillion yuan in 2020

The Hangzhou municipal statistical bureau announced that Hangzhou’s GDP reached 1.61 trillion yuan ($249.32 billion) in 2020, growing 3.9 percent year-on-year, 1.6 percent higher than the national average.

Industrial manufacturing was the first segment to recover from the COVID-19 pandemic as the added value of industrial enterprises above designated size, which are enterprises with an annual output of over 20 million yuan, realized year-on-year growth of 3.8 percent to 363.4 billion yuan. The high and new technology, as well as equipment manufacturing industries gained the highest growth of 8.6 percent and 11.8 percent respectively.

The prospering digital economy in Hangzhou helped its core industries generate 429 billion yuan in added value in 2020, up 13.3 percent year-on-year. The added value of digital content, software and information services, as well as electronic information product manufacturing reached 311.3, 344.1, and 109 billion yuan, up 12.7, 12.9, and 14.7 percent respectively. The added value of artificial intelligence kept growing by 8.2 percent, reaching 34 billion yuan.

Although the total retail sales of consumer goods was down 3.5 percent year-on-year to 597.3 billion yuan, online consumption showed unprecedented vitality by narrowing the downward trend to 2.2 percent.

Hangzhou has set up a three-year plan that aims that it will have its total retail sales of consumer goods realize an annual growth of 8 percent to 800 billion yuan and its total online retail sales realize an annual growth of 10 percent to 1 trillion yuan by the end of 2023.

The total value of imports and exports in 2020 was 593.4 billion yuan, up 5.9 percent year-on-year, of which, exports grew 2.1 percent to 369.3 billion yuan and imports grew 12.9 percent to 224.1 billion yuan.

The per capita disposable income of permanent residents in Hangzhou China was up 4.4 percent year-on-year to 61,879 yuan in 2020, with the average for urban residents being 68,666 yuan and for rural residents being 38,700 yuan.

The added value of tertiary industry grew 5 percent year-on-year to 1.1 trillion yuan, among which wholesales and retail trade, financing, as well as for-profit service industries realized positive growth.

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Company Name: The Information Office of Hangzhou Municipal Government
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