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GDP rises to 8 percent
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Hangzhou鈥檚 economy grew steadily in 2017 with its gross domestic product expanding 8 percent from a year earlier to 1.26 trillion yuan (US$197 billion), according to the Hangzhou Statistics Bureau.
The growth of the city鈥檚 GDP was 1.1 percentage points higher than the national average of 6.9 percent.
The services sector led the growth with a year-on-year increase of 10 percent to reach 785.7 billion yuan, accounting for 63 percent of the city鈥檚 total GDP. The manufacturing sector rose 5.3 percent while the industries of agriculture, forestry, animal husbandry and fishery up by 2 percent.
Value-added industrial output, an important economic indicator, rose by 6.5 percent year on year to 398.2 billion yuan.
The output of information economy advanced 21.8 percent to 321.6 billion yuan, which became one of the driving forces for the industrial growth.
Foreign trade in 2017 rose by 13.3 percent to 508.5 billion yuan. Exports of high and new technology products increased 12.8 percent from a year earlier, and exports of cultural products jumped 14.3 percent.
Fixed-asset investment rose 1.4 percent year-on-year to 585.7 billion yuan. Among them, private investment rose by 10.4 percent to 330.1 billion yuan. The investment in sports and health care facilities rose by 38.6 percent and 10.6 percent respectively, while the investment in cultural and art sectors increased by 29.8 percent.
The total retail sales of consumer goods rose 10.5 percent, which is the same as in 2016. The online retail sales jumped 24.9 percent to 430.2 billion yuan and the online consumption of Hangzhou residents soared 28.6 percent to 192.9 billion yuan.
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