The GDP of Zhoushan, Zhejiang province grew 10.3 percent year-on-year in the first quarter of the year, ranking first in the province.

Industries above the designated scale (industries with annual revenue of more than $2.83 million) proved to be the biggest driver.

Statistics show that the added value of such industries in Zhoushan increased 77 percent year-on-year. In particular, the output of petrochemical industries above the designated scale increased by a factor of 6.3. Shipbuilding and ship repair industries above the designated scale increased 73.6 percent over the previous year.

Foreign trade also experienced steady growth. Zhoushan's imports and exports totaled 42.53 billion yuan during the period, up 66.7 percent. Exports increased 26.8 percent to 12.61 billion yuan, while imports increased 92.2 percent to 29.92 billion yuan.

The financial sector benefited from the foreign trade growth. Zhoushan's cross-border transactions settled in renminbi increased 90.9 percent to 32.2 billion yuan, and 14.91 billion yuan made its way back to the city, up 62.9 percent.

The city also attracted a significant amount of foreign investment. Statistics show that Zhoushan attracted 18 foreign companies, up 50 percent year-on-year, with the total investment amount growing a whopping 410.5 percent.

Oil trade was the focus of foreign investment, with nine newly-established foreign companies dealing in oil trade.

In the first quarter, Zhoushan attracted $160 million in foreign investment, up 285 percent over the previous year, ranking first in the province in terms of foreign investment growth.

In addition, port economy and the pelagic fishing industry also showed strong results during the period. Zhoushan Port handled 120.57 million metric tons of cargo in Q1, up 7.1 percent and the output of the pelagic fishing industry reached 137,000 tons, up 8.6 percent.