Wenzhou and Economic Trends
Wenzhou is a prefecture-level city in southeastern Zhejiang province. The city is surrounded by mountains, the East China Sea, and over 400 islands, while its lowlands extend almost entirely along its 355 kilometre East China Sea coast. With a population of 9 million and an area of 12,255 square kilometers, the city has jurisdiction over 4 districts, 3 county-level cities, and 5 counties.
The city is renowned for commercial activities and a well-developed private economy. As part of its "two-wheel drive for manufacturing development" strategy, Wenzhou has promoted the transformation and upgrading of traditional industries such as electricity, footwear, clothing, parts for automobiles and motorcycles, pumps and valves, as well as the development of strategic emerging industries like digital economy, intelligent equipment, life and health, new energy, and new materials. Its electrical industry was selected for the development of 20 advanced manufacturing clusters in the country.
In 2021, the GDP reached 758 billion RMB, up 7.7% compared to the previous year, while the GDP per capita amounted to 87,300 RMB. The total value of Wenzhou’s international trade reached 241 billion RMB in 2021, with the exports amounting to 203 billion RMB and the total value of imports to 38 billion RMB.
The Chinese City Tier System consists of a system of tiers used by analysts to classify Chinese cities and rank them in a hierarchy. Cities in different tiers reflect differences in consumer behaviour, income level, population size, consumer sophistication, infrastructure, talent pool, and business opportunity.