In the economic cycle system, 100-billion-yuan counties, with GDP exceeding 100 billion yuan ($14.1 billion), form the foundation for the high-quality development and the cornerstone for the vitality and resilience of regional economy. Among the 59 100-billion-yuan counties, two counties in Wenzhou, Yueqing and Rui’an, ranked 17th and 35th respectively with a GDP of 166.35 billion yuan ($23.54 billion) and 128.51 billion yuan ($18.15 billion), which successfully achieved promotion, surpassing the 19th and 40th places last year, according to data from Research Report on the Development of China 's 100-billion-yuan GDP counties In 2024.

The rise of these two counties is driven by industry development, which provides a robust economic foundation. Yueqing boasts the only county-led national advanced manufacturing cluster in China—the Yueqing Electrical Industry, with its leading product low-voltage electrical appliances accounting for over 65% of the national market share. In recent years, it has accelerated the construction of the world-class intelligent electrical industry clusters, establishing a number of advanced manufacturing bases with significant influence worldwide, such as modern furniture and intelligent home appliances, robots and CNC machine tools. Last year, Yueqing became one of the top six counties with a GDP growth rate exceeding 10%, ranking fourth with 10.8%. Meanwhile, Rui’an, known for its vehicles, has been accelerating the construction of Wenzhou’s first provincial New Industry Platform with “Wanmu Qianyi” , “10,000 mu (about 6,667 hectares) of space and an output value exceeding 100 billion yuan ( $14.1 billion)”, — Rui’an Intelligent Vehicle Parts Industry. It has been promoting industrial transformation and upgrading through technological innovation and continuously cultivating a number of high-tech enterprises. Last year, Rui’an owned 1,358 industrial enterprises with an annual main business revenue of more than 20 million yuan ( $2.83 million ), with 996 invention patent authorizations, and a GDP growth rate of 7.1%, ranking eleventh in Zhejiang Province.

The continuous enhancement of “100-billion-yuan GDP counties” and “the capacity for independent development”, supported by a robust industrial system and a vibrant commerce and trade circulation, serves as the solid foundation for Wenzhou’s abundant private wealth. The report also shows that last year, the two counties were listed in the top ten of consumption expenditure. Among them, Yueqing topped the list with per capita consumption expenditure of urban residents reaching 57,682 yuan ($8,153). During the same period, the figures for Beijing, Shanghai, and Guangzhou were 50,897 yuan ($7,193), 54,919 yuan ($7,762), and 49,480 yuan ($6,993), respectively, while Rui’an stood at 48,995 yuan ($6,925). Compared to first-tier cities, these two counties primarily allocate their consumption towards enhancing the quality of life, such as the relatively lower proportion of housing prices and rents among living costs, and the generally higher proportion of transportation and communication expenses. A telling example is that at the end of last year, the national average number of cars owned per hundred households was 49.7, while Rui’an as high as 68.6. Meanwhile, the employment of young people returning to their hometowns has also stimulated the growth of county-level consumption from both the supply and demand sides. For example, at the end of 2023, Rui’an had a permanent resident population of 1.5346 million, ranking first in Wenzhou.

In the process of implementing “Stronger City Action” with the spatial structure of “One core area plus three auxiliary districts (Yueqing, Rui’an, and Dongtou)” , Yueqing and Rui’an, as the main positions for promoting county-level urbanization, have accelerated the adaptation to the upgrade in consumer demand, expanding the economy of first-store, innovation, platform, experience, and new retails, creating a number of consumption tipping points, and continuously stimulating the consumption of new energy vehicles (NEVs), electronic products and other big-ticket items, whose total retail sales of consumer goods exceeding 60 billion yuan ($848,094 million). The Xincheng Section of National Highway 104, as an important area for the sale of NEVs in Rui’an is home to a cluster of Automobile Sales Service Shops, including BYD, LEAPMOTOR, and LYNK & CO, with sales of 1.292 billion yuan ($182.65 million). From January to August this year, its sales reached a new high of 1.121 billion yuan ($158.474 million). Driven by the trade-in policy, the opening and sales of NEV shops in Wenzhou have achieved a new breakthrough. By early September, 51 new shops involving NEV services have been opened, and 10,082 NEVs have been registered.