The manufacturing industry has played a significant role in Zhoushan's rapid economic development since last year, according to a recent manufacturing industry-themed meeting held in the city.

The added value of industries above designated size in the city totaled 49.79 billion yuan ($7.71 billion) last year, a year-on-year increase of 60.2 percent and taking up 32.09 percent of the total GDP in Zhoushan.

The city has an industrial investment of 47.69 billion yuan, a 16.3 percent year-on-year increase that was second highest in the province, while its productivity ratio amounted to 200,000 yuan per person, ranking third in Zhejiang in the same year.

Zhoushan introduced a total of 77 projects worth more than 100 million yuan last year, doubling that of 2019.

In 2020, the city was home to 402 industrial companies above designated size, a year-on-year increase of 16.2 percent, while the market share of its ship-repairing industry was further improved in China and around the world with four of its ship-repairing companies shortlisted for top 10 worldwide.

In the first quarter of the year, the added value of industries above designated size in Zhoushan reached 15.25 billion yuan, a year-on-year increase of 38.2 percent and accounting for 35 percent of the city's total GDP, while the profit generated by industrial companies above designated size increased 1,301 percent year-on-year.

The industrial economy has been gradually playing a leading role in Zhoushan's economic development and is about to overtake the service economy in the city.

Zhoushan this year is expected to make breakthroughs in the high-quality development of the manufacturing industry by accelerating industrial restructuring, improving hi-tech innovation capacity, as well as cultivating competitive companies.