Comprehensive strength

2023 marks the first year of fully implementing the spirit of the 20th National Congress of the Communist Party of China (CPC), the 20th anniversary of the implementation of the "Double Eight Strategy," and the year of resuming economic development after three years’ fight against COVID-19 pandemic. Faced with a complex and grave external environment and unexpected factors, the city, under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly studied and implemented the spirit of the 20th National Congress of the CPC, and comprehensively implemented the important instructions of General Secretary Xi Jinping during his inspection tour in Zhejiang. Meanwhile, it continued to promote the deepened implementation of the “Double Eight Strategy”, the three “Number One Projects” and the “Ten Major Projects”. Concretely, throughout the year, the city maintained a steady economy performance with good growth momentum, steadily increased comprehensive strength, continuously optimized industrial structure, accelerated innovation momentum gathering, and made solid progress in its people's livelihood undertakings, achieving new results in high-quality development.

Industrial economy

In 2023, there were 8,475 industrial enterprises above designated size in the city, with an industrial added value of 161.98 billion yuan, an increase of 9.4% YoY. In the added value, that of light industry registered 51.64 billion yuan, a rise of 4.6% YoY, and that of heavy industry 110.34 billion yuan, up 11.9%. The sales output value of industrial enterprises above designated size reached 791.13 billion yuan, an increase of 6.2%, in which export delivery value amounted to 96.40 billion yuan, up 2.7%.

In 2023, the total profits of industrial enterprises above designated size were 40.25 billion yuan, an increase of 10.7% compared to the previous year. Among the 33 major categories of industries, 21 achieved positive growth in total profits. The labor productivity of industrial enterprises above designated size for the whole year was 199,000 yuan per person, up 10.4% YoY, and the capacity utilization rate of these enterprises stood at 80.5%.

Agricultural Economy

In 2023, the total output value of agriculture, forestry, animal husbandry, and fishery reached 29.29 billion yuan, an up 5.0% compared to the previous year. See the following table for related details:

In 2023, the total area of grain planting was 1.705 million mu, an increase of 0.4%; the grain production was 699,000 tons, a rise of 1.3%. See the following table for the details of economic crops:

Domestic Trade

The total retail sales of consumer goods in 2023 reached 425.71 billion yuan, an increase of 7.9% compared to the previous year. Among the retail sales of commodities in wholesale and retail businesses above the quota, the grain and oil , daily necessities, Chinese and Western medicine, and clothing-shoes-hats increased by 5.7%, 16.7%, 8.3%, and 36.2% respectively compared to the previous year. The consumption demand for upgraded products continued to grow, with new energy vehicles, smartphones, cosmetics, gold and silver jewelry, and sports-entertainment products increasing by 22.7%, 84.4%, 41.4%, 60.2%, and 126.8% respectively. The city's online retail sales amounted to 239.43 billion yuan.

Economy with foreign relations

The total import and export volume of goods in 2023 totaled 282.19 billion yuan, a drop of 4.2% compared to the previous year. Among the volume, the export  revenue was 233.94 billion yuan, a reduction of 6.5%; the import revenue was 48.25 billion yuan, a rise of 9.1%. The export revenue of private enterprises stood at 222.29 billion yuan, accounting for 95.7% of the city's total export of goods. Owing to continuously tapping emerging overseas markets of countries along the Belt & Road, as well as those of RCEP and BRICS, the city's exports to Russia, India, Latin America, and other markets increased by 24.3%, 9.0%, and 4.4% respectively YoY. By the end of 2023, the city had 11,364 enterprises with import and export performance, including 774 enterprises with self-exports exceeding USD 10 million  and 67 enterprises with exports exceeding USD 50 million.

Financial Insurance

By the end of 2023, the balance of domestic and foreign currency deposits in financial institutions came to 2,194.8 billion yuan, a rise of 14.7% compared to the end of the previous year, in which balance of RMB deposits accounted for 2,165.9 billion yuan, an increase of 14.9%. At the same time, the balance of domestic and foreign currency deposits held by the city’s households at the end of the year was 1,317.7 billion yuan, an increase of 17.7%; the balance of domestic and foreign currency loans in financial institutions at the end of the year was 2,089.8 billion yuan, up 15.4%, of which that of RMB loans was 2,081.3 billion yuan, a rise of 15.4%.

In 2023, the city’s eight companies were listed (including 5 with IPO approved and waiting to be listed) in domestic and foreign stock exchanges, with a cumulative total of 64 (including 5 with IPO approved and waiting to be listed). The city’s six companies were listed on the New Third Board, with a cumulative total of 100 listed. and 28 listed on regional capital markets, with a cumulative total of 911. There were 118 limited liability companies founded, with a cumulative total of 2,196. The total securities trading volume for the year was 3.64 trillion yuan, an increase of 2.2% compared to the previous year, and the futures trading volume totaled 2.52 trillion yuan, a drop of 11.3%. The comprehensive annualized interest rate index for private financing in the city (referred to as the Wenzhou Index) was 15.99%, an increase of 0.79 percentage points compared to the previous year.

The total premium income in 2023 was 39.12 billion yuan, a rise of 14.6% compared to the previous year. Among the income, the premium for life insurance accounted for 27.33 billion yuan, up 18.6%, and that for property insurance for 11.79 billion yuan, up 6.2%. The total payouts and expenditures for various types of claims were 12.95 billion yuan, a rise of 23.0% compared to the previous year. Among them, the claims payout from life insurance was 5.38 billion yuan, an increase of 48.3%, and that from property insurance was 7.57 billion yuan, a rise of 9.7%.