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Growth slows
August 19, 2011, Friday
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HANGZHOU'S economy is seeing slower growth in the private sector while its creativity and innovation capacity is rising. Statistics released by Hangzhou Statistics Bureau on Monday show that the growth of private economy has been slowed down in the first half.
The revenue of Hangzhou's private sector in the first half was 289.7 billion yuan (US$45.4 billion), 22 percent higher than the same period last year. The growth rate is 0.9 percent lower than that of the first quarter. However, the innovation capability of the private sector has been strengthened. Output value of new products of private corporations has reached 61 billion yuan in the first half, 34.5 percent higher than the same period last year. The increase is 1.5 percent higher than the first quarter.
The revenue of Hangzhou's private sector in the first half was 289.7 billion yuan (US$45.4 billion), 22 percent higher than the same period last year. The growth rate is 0.9 percent lower than that of the first quarter. However, the innovation capability of the private sector has been strengthened. Output value of new products of private corporations has reached 61 billion yuan in the first half, 34.5 percent higher than the same period last year. The increase is 1.5 percent higher than the first quarter.
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