East China's Zhejiang province is committed to maintaining its status as a key economic powerhouse in China, according to a press conference held on Dec 23 in Hangzhou.

The press conference reviewed the achievements of the province of 2024 and anticipated the prospects for 2025. As a demonstration zone for common prosperity, Zhejiang will fulfill its role as an engine and pillar of the economy by focusing on nine key initiatives planned for the upcoming year.

To promote high-quality urban-rural integrated development and narrow the income gap, Zhejiang will expand investment across the province. The initial phase includes 1,364 major projects with a total investment of 7.5 trillion yuan ($1.03 trillion), with the second phase expected to be launched in June.

The province is also set to advance a high-level open economy by optimizing foreign trade policies and restructuring its foreign trade, particularly by further developing cross-border e-commerce.

For boosting consumption, Zhejiang province continues to provide subsidies to promote trade-in program for consumer goods, benefiting more residents. Additionally, the province will ensure high-quality services to meet the personalized and diverse needs of consumers.

According to statistics shared at the press conference, in the first three quarters of 2024, the province's GDP grew by 5.4 percent, which is 0.6 percentage points higher than the national average. From January to November, the growth rates for industrial added value above designated size and total retail sales of consumer goods surpassed national averages by 1.5 and 0.5 percentage points, respectively. Foreign trade exports increased by 9 percent, accounting for 15.5 percent of the national total.

Reporter Ye Chiying