Wenzhou's Binjiang Central Business District in Zhejiang province, Sept 6, 2025. [Photo/IC photo]

Wenzhou crossed the 1 trillion yuan ($139 billion) GDP mark in 2025, according to an announcement on Jan 20 during the sixth session of the 14th Wenzhou Municipal People's Congress.

This milestone marks a historic step for the city and makes Wenzhou the third trillion-yuan economy in Zhejiang province, alongside Hangzhou and Ningbo.

Private enterprises continue to be the core engine of this growth. By November, Wenzhou had 1.56 million registered private businesses and self-employed entities, ranking among the highest in the province. Private companies accounted for more than 90 percent of value added by industrial enterprises above designated size — enterprises with annual revenue of at least 20 million yuan ($2.7 million).

The industrial sector has provided firm support for this economic leap, with Wenzhou recording historic highs in the supply of industrial land and sea-use quotas in 2025, creating space for manufacturing expansion.  The added value of industrial enterprises above designated size grew by 10.3 percent year-on-year in 2025, the fastest pace in Zhejiang, and has outperformed national and provincial averages for 33 consecutive months.

Innovation has become a key driver of structural upgrading. Government investment in science and technology rose by 10.4 percent, while platforms such as China Data Security Hub and specialized innovation hubs in eye health and biomedicine are accelerating the transformation of research results into economic gains.