Delivery of Lynk & Co cars

The production of Hangzhou Boiler Group has not stopped, even during the pandemic period.

(Photo provided by Hangzhou Boiler Group)

COVID-19 caused a huge impact on Zhejiang’s economic development at the beginning of 2020. Zhejiang’s major economic indicators declined sharply in January and February, but began to rise again in March. The revitalization of foreign trade provided strong support for Zhejiang’s economic development.

According to statistics, Zhejiang’s foreign trade volume reached 3380.8 billion RMB in 2020, an increase of 9.6% year over year. The import value was 2518 bn RMB and the export volume reached 862.8 bn RMB, an increase of 9.1% and 11.2%, respectively. The proportions of Zhejiang’s exports and imports in those of the whole country also reached record highs. Zhejiang ranked first among all provinces, autonomous regions, and province-level municipalities regarding its contribution to the country’s growth of imports and exports. Specifically, the growth of Zhejiang’s imports and exports to and from the countries along the Belt and Road increased by 10.7%, which promoted the country’s total import and export volume by 3.6%. The contribution rate to growth was 37.6%.

Since the second half of 2020, Zhejiang’s policies for stabilizing foreign trade have worked well, Zhejiang’s foreign trade orders have increased, and export businesses have been growing rapidly despite the difficult situation. (Translated by Jin Haiqiong, edited by Kendra Fiddler)