Building a stronger, more resilient domestic economy

Currently, country's top 10 economic giants drive 60 percent of national GDP

BEIJING — Though lesser-known globally, China's provincial-level economic powerhouses, including Guangdong, Jiangsu, Shandong and Zhejiang, wield influence rivaling the world's top 20 economies. The country's top 10 economic giants, driving 60 percent of national GDP from 20 percent of the land, are playing a crucial role in anchoring growth.

While foreign trade once drove China's growth, the 10 provincial-level powerhouses, also including Sichuan, Henan, Hubei, Fujian, Shanghai and Hunan, are now shifting their focus toward domestic consumption and investment to sustain economic expansion amid fluctuating external demand.

At the heart of this strategy are large-scale initiatives focused on consumer goods trade-ins and equipment upgrades. In 2025, Zhejiang will continue offering incentives for residents to replace items such as automobiles, mobile phones and electric bicycles, while also promoting the renewal of equipment like medical devices and elevators.