Over the past 75 years, Zhejiang’s GDP has increased 785 times

2024 is the 75th anniversary of the founding of New China. Over the past 75 years, Zhejiang’s economy and society have achieved remarkable achievements, realizing a historic transformation from poverty to a major economic province, from absolute poverty to a well-off society, and from a wasteland to innovation and entrepreneurship, painting a magnificent and magnificent historical picture. Recently, the Zhejiang Provincial Bureau of Statistics released a report on the achievements of Zhejiang’s economic and social development in the 75th anniversary of the founding of New China, reviewing Zhejiang’s economic and social development from ten aspects.

The comprehensive strength has increased rapidly, becoming one of the most dynamic economic provinces in the country

The total economic volume has doubled and stepped up. Zhejiang’s gross domestic product (GDP) jumped from 1.5 billion yuan in 1949 and 12.4 billion yuan in 1978 to 100 billion yuan in 1991 and 1 trillion yuan in 2004, and reached 2, 3, 4, 5, 6, 7 and 8 trillion yuan in 2008, 2011, 2014, 2017, 2019, 2021 and 2023 respectively. It will reach 8255.3 billion yuan in 2023, accounting for 6.5% of the country’s total, and its ranking among all provinces, cities and districts in the country has risen from 11th in 1952 and 12th in 1978 to 4th in 1994, and has remained so for 30 consecutive years. The per capita GDP increased from 72 yuan in 1949 and 331 yuan in 1978 to 125,043 yuan in 2023 (entering the threshold of high-income economies in the World Bank’s country income grouping standard in 2017), and the ranking among provinces, cities and districts rose from 16th in 1978 to 5th. Calculated at comparable prices, GDP in 2023 increased 785 times compared with 1949, with an average annual growth rate of 9.4%, making it one of the fastest growing provinces in the country since the founding of New China.

The characteristics of high-quality economic development are obvious. In 2023, the per capita disposable income of all residents increased to 63,830 yuan, ranking third among all provinces, cities and districts in the country and first among provinces (regions), equivalent to a proportion of per capita GDP increased from 45.7% in 2013 to 51.0%. The per capita disposable income of urban residents increased from 116 yuan in 1949 to 74,997 yuan in 2023, ranking first among all provinces and regions for 23 consecutive years; the per capita disposable income of rural residents increased from 47 yuan in 1949 to 40,311 yuan in 2023, ranking first among all provinces and regions for 39 consecutive years; the income gap between urban and rural residents dropped to 1.86, making it the province with the smallest income gap among major economic provinces. In 2023, the operating income and total profit of industrial enterprises above designated size increased to 1,109.55 billion yuan and 590.6 billion yuan respectively, ranking fourth and third in the country respectively. The labor productivity of all employees increased to 212,000 yuan per person, 1.2 times the national average.

The industrial structure has undergone a magnificent transformation, moving from agricultural economy and industrial economy to digital economy

In 1949, Zhejiang’s industrial structure was low-level and belonged to a typical agricultural society. The ratio of the added value of the three industries was 68.5:8.0:23.5. It was adjusted to 38.1:43.3:18.7 in 1978 and further adjusted to 2.8:41.1:56.1 in 2023, forming a pattern in which industry and service industries jointly promote economic development. The added value of industry increased from 230 million yuan in 1952 and 4.7 billion yuan in 1978 to 2941.2 billion yuan in 2023, ranking third in the country, with an average annual growth of 12.4% at constant prices; the added value of the service industry increased from 550 million and 2.31 billion yuan to 4626.9 billion yuan, ranking fourth in the country, with an average annual growth of 9.6%. Through the in-depth implementation of the “No. 1 Development Project” for innovation and quality improvement of the digital economy, new industries are booming. In 2023, the added value of the digital economy in the province exceeded 4 trillion yuan, maintaining double-digit growth for 10 consecutive years, and the proportion of GDP exceeded 50%, ranking fourth among all provinces, cities and districts in the country (released by China Academy of Information and Communications Technology). The added value of the core industries of the digital economy was 986.7 billion yuan, accounting for 12.0% of GDP. In 2022, the added value of the “three new” economy accounted for 28.2% of GDP. The total output of tourism, culture and related industries and the total income of the financial industry exceeded one trillion yuan. Among the above-scale industries, the added value of new energy industry, equipment manufacturing industry and strategic emerging industries increased to 5.0%, 46.2% and 33.3% respectively.

Zhejiang private enterprises have become a bright “golden business card”

The atmosphere of entrepreneurship and innovation is strong. Zhejiang is one of the most dynamic provinces in the country. At the end of 2023, the market supervision department registered 10.34 million market entities, with an average of one boss for every 7 people, including 3.603 million enterprises. Innovation investment continues to increase. In 2023, fiscal science and technology expenditure increased from 43 million yuan in 1978 to 78.7 billion yuan, with an average annual growth of 17.7%; the ratio of R&D (scientific research and experimental development) funding to GDP increased from 0.23% in 1990 to about 3.20%. At the end of the year, the number of high-tech enterprises and technology-based small and medium-sized enterprises in the province increased to 42,011 and 114,818 respectively, with 445 single champion enterprises, and the number of specialized “little giant” entrepreneurs increased rapidly.

The private economy is getting bigger and stronger. Zhejiang has deeply implemented the “No. 1 Reform Project” to optimize and improve the business environment, create a province with the best business environment, and promote the expansion and strengthening of the private economy. In 2023, Zhejiang’s private economy created about 67.3% of the province’s GDP, 73.8% of R&D investment, 74% of taxes and 84.8% of exports. A number of world-renowned unicorn leading enterprises such as H3C Communications, Hikvision, and Focus Technology have thrived. Geely and 10 other companies were shortlisted for the Fortune Global 500. Among the top 500 private enterprises in China announced in 2023, 108 Zhejiang companies were on the list, and the number of companies ranked first among all provinces, cities and districts in the country for 25 consecutive years. At the end of 2023, there were 702 domestic listed companies, ranking second among all provinces, cities and districts. Among them, 47 new companies were added in 2023, ranking third among all provinces, cities and districts. Domestic listed companies raised a total of 1962.6 billion yuan.

The commodity market is prosperous. In 1978, there were 1,051 commodity trading markets, and the transaction volume of commodity markets was only 860 million yuan. In 2023, the number of commodity trading physical markets increased to 2,942, with a transaction volume of 2.3 trillion yuan, including 266 billion-level markets, 46 billion-level markets, and 2 100 billion-level markets, all of which ranked among the top in the country. The annual transaction volume of Yiwu Small Commodity Market has ranked first among all markets in the country for 33 consecutive years. In 2023, the total retail sales of consumer goods will reach 3,255 billion yuan, ranking fourth among all provinces, cities and districts in China, an increase of 2,942 times compared with 1952, with an average annual growth of 11.9%. It has the world’s largest e-commerce platform and online retail platform for small and medium-sized enterprises, with online retail sales reaching 3,063.9 billion yuan, ranking second among all provinces, cities and districts.