China's Zhejiang reports 7.4% growth in Q1

HANGZHOU - Zhejiang province in East China reported economic growth of 7.4 percent year on year in the first quarter of 2018, 0.6 percentage point higher than the national average, authorities said.

GDP reached 1.17 trillion yuan ($185 billion) from January to March, according to the provincial statistics bureau.

The province saw export and import volumes of 621.1 billion yuan during the quarter, up 10.9 percent from the same period last year, said chief statistician Wang Meifu.

Zhejiang's exports in the first quarter accounted for 12.8 percent of national total, Wang said, noting that more than 77 percent of exports came from private businesses.

Exports and imports related to Belt and Road countries and regions rose 15.9 percent year on year, 5 percentage points higher than the average, to 201.1 billion yuan, Wang said.

Zhejiang ranks the fourth in GDP among the 30-plus provincial areas in China, exceeding 5 trillion yuan last year.