Wenzhou's economy bolstered by further reform, innovation
- By Qin Qi
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E-mail China.org.cn, September 5, 2019
Coastal city Wenzhou's GDP registered an increase of 8.2% in the first half of 2019, which is higher than the national average and the Zhejiang provincial average by 1.9 percentage points and 1.1 percentage points, respectively.
The number was announced on Wednesday by Chen Weijun, secretary of the Communist Party of China (CPC) Wenzhou Municipal Committee, at an event Tuesday introducing Wenzhou's private economy. He further revealed that the trade-dependent city – known as the birthplace of China's private economy – reported a 16.1% increase in export in the first half of this year, despite trade conflicts between China and the U.S.
Chen attributes these numbers to the city's continued reform and opening-up, as well as to the innovation-driven strategies taken by its businesses. For instance, the transaction value of export goods has surpassed $2 billion during the nine months of test run in Lucheng Market Procurement Trade Mode Pilot. Chen said he expects the value to reach $3 billion by the end of 2019 and contribute to 1% of Zhejiang province's export growth.
Under the Market Procurement Trade Mode, legally established businesses buy commodities in market clusters approved by the Ministry of Commerce at a value of less than $150,000 per contract, and eligible operators go through all customs clearance formalities of the export commodities at the place where they are purchased.
Besides the Market Procurement Trade Mode Pilot, Wenzhou government also stepped up efforts in developing a distribution center of imported goods, a comprehensive bonded area, a pilot zone for comprehensive development of cross-border e-commerce, and so on, in order to further promote opening up.
"The government aims to build a stage for private enterprises to participate in the international competition and cooperation at a higher level," Chen said.
In addition to the government's efforts, businesses in the city also contributed their share to the economic rise of Wenzhou by adopting innovation-driven strategies.
