A technician works on an intelligent dyeing machine at a factory in Huzhou, Zhejiang province. WANG ZHENG/FOR CHINA DAILY
East China's Zhejiang province is steadily recovering from the economic slowdown caused by the COVID-19 pandemic, according to the latest data from the Zhejiang Provincial Bureau of Statistics.
Industrial added value created by Zhejiang enterprises above a designated size reached 168.3 billion yuan ($25.8 billion) in November, up 11.9 percent compared with the previous year. The corresponding value over the first 11 months of this year saw a year-on-year growth of 4.8 percent, to 1.4875 trillion yuan.
Double-digit growth in the industrial added value of enterprises above a designated size was seen in numerous manufacturing sectors in November, including artificial intelligence, equipment, new technologies, environment protection, healthcare products, culture, and fashion. The corresponding value of the province's manufacturing in relation to the digital economy over the month soared by 25.3 percent year-on-year.
The province’s resumed industrial strength was also reflected in its industrial electricity consumption and volume of freight traffic, which respectively grew 9.7 percent and 8.8 percent year-on-year in November. The growth rates for the same figures over the first 11 months were 1.4 percent and 3.1 percent.
Profitability among Zhejiang enterprises has been continuously improving for months. Total profit made by Zhejiang enterprises above a designated size over the first 10 months this year was 12.1 percent higher than the previous year.
Higher profits have lead to greater investment in R&D among Zhejiang companies. R&D expenses for those above a designated size surged 16.1 percent over the first 10 months. In November, industrial output for their new products rose by 14.2 percent.
Another key indicator worth mentioning is the increased rate of investment in the province's manufacturing sector, which turned positive in November the first time since July.
It is widely believed that an increasing number of Zhejiang enterprises now give higher priority to innovation and view it as their strongest bulwark against business risks, following the coronavirus outbreak.