Economic Overview - Zhejiang's GDP for the first half of 2023 reached 45,004 billion yuan, with a year-on-year growth of 5.8% [1] - The primary industry added value was 1,131 billion yuan, growing by 3.5%; the secondary industry added value was 16,952 billion yuan, increasing by 5.6%; the tertiary industry added value was 26,921 billion yuan, with a growth of 6% [1] Industrial Performance - Among 37 industrial sectors, 31 sectors experienced growth, resulting in an overall growth rate of 83.8% [2] - High-tech manufacturing, core digital economy manufacturing, and equipment manufacturing saw added value growth of 12.7%, 12%, and 11.1% respectively [2] - Production of high-value-added products such as industrial robots, lithium-ion batteries, laptops, and new energy vehicles increased by 85.7%, 65.2%, 47.3%, and 43.3% respectively [2] Service Sector and Consumption - The service sector's added value grew by 6%, with the information transmission, software, and IT services sector showing a strong growth of 9.3% [2] - Retail sales of consumer goods reached 18,979 billion yuan, marking a year-on-year increase of 5.3%, with significant growth in various categories such as home appliances and new energy vehicles [2] Investment and Employment - Fixed asset investment in Zhejiang increased by 1.4%, with notable growth in infrastructure and high-tech industries [3] - The average urban unemployment rate was 4.7%, with 588,000 new urban jobs created [3] - Per capita disposable income for residents was 37,813 yuan, reflecting a nominal growth of 5.1% year-on-year [3]

Core Insights - The exploration and achievements of major economic provinces in scale support, structural improvement, and momentum accumulation are crucial for observing the high-quality development of China's economy [1] Group 1: Economic Performance - In the first half of 2025, six major provinces contributed over 29.4 trillion yuan to the national economy, accounting for 44.6% of the total, with five provinces outpacing the national average growth rate [1][2] - Guangdong and Jiangsu remain in the "6 trillion yuan club," with GDPs of 68,725.4 billion yuan and 66,967.8 billion yuan respectively, showing growth rates of 4.2% and 5.7% [2] - Shandong and Zhejiang surpassed 50 billion yuan and 45 billion yuan in GDP, with growth rates of 5.6% and 5.8% respectively, while Sichuan and Henan are in a competitive race for the fifth position with GDPs of 31,918.2 billion yuan and 31,683.8 billion yuan, growing by 5.6% and 5.7% [2] Group 2: Innovation and Structural Transformation - Major economic provinces are leading in the integration of technological and industrial innovation, accelerating the transformation of old and new growth drivers, and fostering new productive forces [3] - The service sector is also experiencing a clear transformation, with modern services increasingly contributing to economic growth and a strong shift towards mid-to-high-end industrial structures [3] - In Zhejiang, high-tech manufacturing and digital economy sectors saw double-digit growth, while Jiangsu's equipment manufacturing sector has maintained a growth rate above the overall industrial average for 20 consecutive months [3] Group 3: Resilience and External Engagement - The vast domestic market serves as a strong safeguard against various risks, with major provinces actively boosting consumption and investment to stabilize employment and market expectations [4] - In the first half of the year, Sichuan's retail sales of household appliances grew by 20.2%, while Guangdong, as the largest foreign trade province, achieved a foreign trade volume of 4.55 trillion yuan, marking a 4% year-on-year increase [4] - Shandong's goods trade imports and exports grew by 6.8%, leading among the top six foreign trade provinces, with products exported to 242 countries and regions [4] Group 4: Future Outlook - Major economic provinces are expected to play a more significant role in driving national development, focusing on achieving annual targets and ensuring the successful completion of the 14th Five-Year Plan [5]

Economic Overview - Zhejiang's GDP for the first half of 2025 reached 45,004 billion yuan, showing a year-on-year growth of 5.8% at constant prices [1][2] Industrial Development - The industrial economy in Zhejiang is improving in quality and efficiency, focusing on high-end, new, and intelligent development [1] - High-tech manufacturing, core digital economy industries, equipment manufacturing, and strategic emerging industries saw value-added growth of 12.7%, 12.0%, 11.1%, and 9.8% respectively, contributing to an overall increase in industrial value-added by 2.2%, 2.1%, 5.5%, and 3.5% [1] Innovation and R&D - From January to May, R&D expenses for large-scale enterprises in Zhejiang increased by 7.0%, outpacing revenue growth by 2.1%, with R&D expenses accounting for 3.08% of revenue, up by 0.06% year-on-year [1] - In key innovation corridors, the ratio of R&D expenses to revenue reached 3.84% [1] Intelligent Transformation - The revenue growth rate of core artificial intelligence enterprises in Zhejiang significantly outpaced that of large-scale enterprises, with strong sales in smart home appliances, wearable devices, and smartphones [2] Future Outlook - Zhejiang aims to enhance internal growth momentum and optimize industrial structure to contribute to national economic stability and growth [2]

Economic Overview - Zhejiang's GDP for the first half of the year reached 45,004 billion yuan, with a year-on-year growth of 5.8% at constant prices [1] - The primary industry added value was 1,131 billion yuan, growing by 3.5%; the secondary industry added value was 16,952 billion yuan, growing by 5.6%; and the tertiary industry added value was 26,921 billion yuan, growing by 6.0% [1] Emerging Industries - The development of emerging industries in Zhejiang is characterized by three keywords: "high," "new," and "intelligent" [2] - High-tech manufacturing, digital economy core industries, and equipment manufacturing all maintained double-digit growth rates, significantly outpacing the overall industrial growth [2] - Investment in high-tech industries and digital economy core industries grew faster than total investment [2] Innovation and R&D - R&D expenditures for large-scale enterprises in both industrial and service sectors increased by 7.0% year-on-year, with R&D expenses accounting for 3.08% of operating income [3] - In key innovation corridors, R&D expenses as a percentage of operating income reached 3.84%, exceeding the average for large-scale industries by 0.67 percentage points [3] - Revenue growth in artificial intelligence core industries outpaced that of large-scale enterprises, with significant growth in computing services, data services, algorithm models, and smart terminals [3] Consumer Market - The total retail sales of consumer goods reached 18,979 billion yuan, with a year-on-year growth of 5.3%, accelerating by 0.8 percentage points compared to the first quarter [4] - The "old-for-new" consumption policy has led to significant growth in retail sales of home appliances, communication devices, and cultural office supplies, with increases of 84.5%, 70.6%, and 60.9% respectively [4] - Online sales through public networks grew by 27.4%, outpacing the overall retail sales growth by 22.1 percentage points [4] New Consumption Patterns - New consumption models are emerging rapidly, with quality consumption seeing accelerated growth; sports and entertainment goods retail sales increased by 57.6% [5] - Major events such as concerts and sports competitions have driven ticket sales and overall consumption, with over 150 million attendees at various events [5] - Cultural activities, including online games and performances, are stimulating new growth points in consumption, with significant attendance at themed exhibitions and performances [5]