Economic Growth: Zhejiang Province Is China’s Economic Powerhouse!

Its 2016 Gross Domestic Product of 393,969 billion FCFA was the first amongst China’s provinces and autonomous regions.


The Communist Party of China, CPC holds its 19th national congress on October 18, 2017 in the capital, Beijing, with an air of assurance and confidence. Members will chart out the country’s development and political path for the next five years and even beyond. There is assurance because the party under the leadership of Xi Jinping, the General Secretary of the CPC Central Committee and President, has since the last congress five years ago steered the country to steady economic growth and increasing international clout.

One glaring example of the CPC’s successful political, economic and social stewardship is in the southeastern coastal Zhejiang Province. With a population of 55.9 million people, the 2016 Gross Domestic Product, GDP of 710 billion US dollars (393,969 billion FCFA) was the first amongst China’s provinces and autonomous regions. Some 60 per cent of the amount was contributed by the private sector that creates over 90 per cent of provincial jobs.

The province eradicated poverty in 2015, five years to the national target in 2020. Its trade volume in 2016 was 326 billion US dollars (180,893 billion FCFA) or over 8 per cent of the national figure. Meanwhile, economic growth in the first half of 2017 stood at 8 per cent. On the other hand, Ningbo has been the biggest global commodity port for 8 years running. Economic growth averaged 10 per cent in almost 40 years of reform and opening up; while per capita GDP is now at 12,784 US dollars (7 million FCFA).

Similarly, rural Zhejiang incomes have ranked first in China for 31 straight years.  Zhejiang’s exports in 2016 ranked 20th in the world, way ahead of several nations. Also, foreign enterprises invested 470 billion US dollars (260,797 billion FCFA) in 2016 as the province carried out business with 142 nations. Perhaps, the most significant of Zhejiang’s milestones is the decision by America’s Boeing aircraft to set up a manufacturing base in the province, the first time the company did so outside the US.

All these superlative gains only point to one conclusion. That Zhejiang Province can safely be described as China’s economic powerhouse. This is the big provincial picture. At the local level, there is also much to show for Zhejiang’s meteoric development. It is complemented by the performance of several world renowned businesses like Alibaba, Neoglory, the world’s largest retail commodity market in Yiwu, etc.

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