- Industrial growth strengthened in May, led by high-tech manufacturing, autos and electronics
- Exports of electric vehicles and other “New Three” products surged, while private firms remained the main growth driver
Zhejiang’s industrial economy gathered pace in May, with factory output growth accelerating and sales of smart consumer electronics soaring, underscoring the province’s role as one of China’s key engines for advanced manufacturing and digital consumption.
Value-added industrial output from companies with annual main business revenue of 20 million yuan ($2.95 million) and more rose 8% from a year earlier in May, up 0.7 percentage point from April, according to data released by the Zhejiang Provincial Bureau of Statistics.
Emerging industries continued to drive growth. Output from high-tech manufacturing increased 18.7%, while manufacturing tied to the core digital economy and equipment manufacturing rose 17.4% and 13.9%, respectively.
Automobiles and electronics were among the strongest-performing sectors. Value-added output in the automotive industry jumped 26.4%, while the computer, communications and electronic equipment sector expanded 22.7%.
Together, the two industries contributed 6.5 percentage points to overall industrial growth.
The hub of private economy
Private companies remained the backbone of the province’s manufacturing economy. Output from large private industrial firms rose 8.5%, accounting for 78.8% of total industrial growth.
Investment trends also pointed toward continued upgrading of the industrial base.
During the first five months of the year, manufacturing investment increased 11.6%, while investment in core digital economy industries and high-tech sectors rose 12.1% and 9.1%, respectively.
A 340% surge in sales
Consumer spending showed signs of a shift toward higher-value technology products. Retail sales of wearable smart devices surged 340% from a year earlier, while smartphones and cosmetics both posted double-digit growth.
Online consumption remained robust, reflecting Zhejiang’s position as one of China’s leading e-commerce hubs.
Foreign trade also contributed to growth. Private enterprises recorded 1.96 trillion yuan ($273 billion) in imports and exports during the first five months of the year, up 7.1% from a year earlier and accounting for 82.4% of the province’s total trade.
Exports of China’s so-called “New Three” products — electric vehicles, lithium batteries and solar products — climbed 51.7%. Electric vehicle exports alone reached a record 8.18 billion yuan in May.
The figures suggest Zhejiang’s economy continues to benefit from demand for advanced manufacturing, digital technologies and greener products, even as broader economic growth remains uneven across China.
