In 2014, Shaoxing’s GDP reached Rmb426.6 billion, an increase of 7.5% over the previous year. In terms of economy size, the city ranked fourth among all cities in Zhejiang. Calculated on the basis of its permanent population, its per capita GDP stood at Rmb86,135.
Industrial value-added accounts for 50% of Shaoxing’s GDP. Modernised textiles, machinery and electronics, pharmaceuticals and chemicals, and food and beverages are the four main traditional industries. Their total output amounted to Rmb569.1 billion in 2014. In recent years, the GDP share of the textile industry has dropped while that of the machinery and electronics sector increased. An industrial development pattern has formed with modernised textiles as the cornerstone and machinery and electronics as well as pharmaceuticals and chemicals as key pillars. There are also niche sectors, such as food and beverages, as well as strategic emerging industries, such as energy conservation and environmental protection, which are developing at an accelerated pace. Shaoxing’s Keqiao Town is a major textiles market.