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GDP rises 7.5%
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HANGZHOU’S gross domestic product increased 7.5 percent year on year in the first quarter, beating market expectations and surpassing the national average of 7.4 percent.
Consumer retail sales jumped 20.7 percent over the same period last year to 93.53 billion yuan (US$15.3 billion). Automobiles contributed 11.5 percent of the sales growth. Car sales surged 57.8 percent to 11.86 billion yuan as the city announced new car license plate restrictions effective on March 25.
The housing sector declined, however, with the average home price falling 11.3 percent to 15,388 yuan per square meter and sales volume shrinking 37.8 percent to 10,112 units.
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