Hangzhou's manufacturing is gaining speed in the context of global economic downturn and Covid-19 pandemic. From January to October, industrial enterprises above designated size in Hangzhou achieved RMB 329.1 yuan billion of Gross Value-Added (GVA), a year-on-year increase of 12%; industrial investment achieved 18.5% year-on-year increase; manufacturing investment achieved 30.9% year-on-year increase. These economic indicators fully demonstrate the vitality and potential of Hangzhou's manufacturing industry.
Traditional manufacturing in Hangzhou is bursting with vitality through digital empowerment. Data shows that 17 traditional manufacturing industries have an average of 9.7% year-on-year growth in GVA in the first 10 months of 2021. Smart factory is helping manufacturers to improve efficiency and product quality to a great extent.
Apart from the reform and upgrade of traditional industry, Hangzhou is also cultivating emerging industries at a fast pace, promoting industrial structure optimization to create new engine for growth. This year marks the sixth year of increases in percentage of high-tech industry, equipment manufacturing industry and strategic emerging industries among industrial enterprises above designated size in a row.
Through a series of measures to revitalize the existing land, Hangzhou has made more high-quality land for the manufacturing industry, development quality and efficiency have been steadily improved.
