In 2024, the number of high-tech enterprises in Hengyang maintained a high growth rate for four consecutive years. A total of 559 enterprises were organized and recommended for recognition throughout the year, hitting a record high. The added value of the high-tech industry achieved rapid growth with a year-on-year increase of 17.3%, up 11.8 percentage points from the previous year.

    A total of 23 talents from the city were selected into the 2024 Hunan Provincial "Sanjian" Innovative Talent Program, including 2 leading talents in scientific and technological innovation, 3 leading talents in sci-tech entrepreneurship, 14 emerging young outstanding talents, 3 Hunan Gathering Talents, and 1 talent under the Hunan Wisdom Revitalization Initiative. The credit loans based on intellectual property value for technology-based enterprises reached 1.365 billion yuan.

  The city has 8 legal metrological verification institutions and 9 special equipment inspection institutions. A total of 822 regular quality supervision spot checks on industrial products were conducted, with a qualified rate of 93.9% for sampled industrial products. Thirty-seven production licenses for industrial products and 38 production licenses for food-related products were issued. The city participated in formulating 12 national standards and organized the formulation of 3 local standards.

    2024 marked the 75th anniversary of the founding of the People's Republic of China and a pivotal year for achieving the goals and tasks set out in the 14th Five-Year Plan. Amid a complex landscape of mounting external pressures and growing domestic difficulties, the CPC Hengyang Municipal Committee and the Hengyang Municipal People's Government, guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly implemented the spirit of the 20th National Congress of the Communist Party of China and the Second and Third Plenary Sessions of the 20th Central Committee. We faithfully carried out the decisions and arrangements of the central leadership as well as the work requirements of the CPC Hunan Provincial Committee and the Hunan Provincial People's Government. Anchoring the inspiring vision of the "Three Highs and Four News," we vigorously advanced the development strategies of "building the city through manufacturing and revitalizing it via culture and tourism," and accelerated the process of regional centralization. The city's economy maintained steady and sound growth with improved quality amid progress, demonstrating its responsibility as a sub-provincial central city. Solid strides were made in building a new Hengyang for Chinese-style modernization.

    In 2024, the local general public budget revenue of Hengyang City reached 19.598 billion yuan, a year-on-year increase of 0.19%. Of this total, tax revenue stood at 12.949 billion yuan, down 3.76%; non-tax revenue was 6.649 billion yuan, up 8.9%.

    The annual general public budget expenditure amounted to 69.405 billion yuan, growing by 4.7%. By category, public security expenditure was 2.516 billion yuan, a decrease of 10.2%; education expenditure hit 11.879 billion yuan, rising by 2.1%; expenditure on social security and employment reached 10.377 billion yuan, an increase of 5.9%; healthcare expenditure totaled 7.856 billion yuan, up 18.1%; housing security expenditure was 1.936 billion yuan, down 7.2%.

   At the end of the year, the balance of local and foreign currency deposits of financial institutions amounted to 625.485 billion yuan, up 8.5% from the end of the previous year. Specifically, household deposits were 505.938 billion yuan, an increase of 10.5%; deposits of non-financial enterprises stood at 53.127 billion yuan, down 1.1%; deposits of non-bank financial institutions reached 289 million yuan, a drop of 76.0%.

    The balance of local and foreign currency loans of financial institutions (excluding off-balance-sheet loans) stood at 391.610 billion yuan, growing by 11.5%. Among them, household loans were 153.946 billion yuan, up 2.1%; loans to non-financial enterprises and government agencies amounted to 226.376 billion yuan, an increase of 16.9%.

    By the end of the year, there were 30 securities business departments in the city, with a securities trading volume of 692.924 billion yuan, a year-on-year increase of 26.1%.

    The original insurance premium income of insurance companies for the whole year reached 13.274 billion yuan, up 4.5% year on year. Broken down, life insurance premium income was 8.731 billion yuan, an increase of 4.3%; health insurance premium income stood at 2.511 billion yuan, down 1.3%; personal accident insurance premium income was 216 million yuan, a decrease of 3.5%; property insurance premium income hit 4.542 billion yuan, rising by 4.9%. Insurance compensation and benefit expenditure reached 5.216 billion yuan, an increase of 3.0%.

In 2023, the local general public budget revenue for the entire year was 19.561 billion yuan, with an increase of 6.15% in the same caliber after excluding non-comparable factors such as tax reduction and deferral. The tax revenue was 13.455 billion yuan, growing by 3.0% in the same caliber; non tax revenue was 6.106 billion yuan (increase rate 0.9%). The annual general public budget expenditure was 66.265 billion yuan (increase rate 7.2%). Specifically, public safety expenditure was 2.817 billion yuan (increase rate 2.7%); education expenditure was 11.633 billion yuan (increase rate 6.1%); social security and employment expenditures amounted to 9.801 billion yuan (increase rate 8.2%); health expenditure was 6.652 billion yuan (decreasing by 8.6%); and housing security expenditure was 2.086 billion yuan (increase rate 4.2%).

By the end of 2023, the balance of domestic and foreign currency deposits in financial institutions was 576.355 billion yuan, an increase of 9.54% compared to the end of the previous year. Household deposits amounted to 457.697 billion yuan (increase rate 12.7%); non-financial enterprise deposits amounted to 53.744 billion yuan (decrease of 5.4%); and non-bank financial institution deposits amounted to 1.205 billion yuan (increase rate 52.1%). The balance of local and foreign currency loans (including overseas and off-balance-sheet loans) reached 387.940 billion yuan, growing by 9.1%. Household loans amounted to 150.821 billion yuan (increase rate 5.0%), while loans of non-financial enterprises and government agencies 193.685 billion yuan (increase rate 11.4%). The loan-to-deposit ratio for financial institutions at year-end was 67.3%, down 0.3 percentage points from the previous year.

By the end of 2023, there were 31 securities company branches, with a securities trading volume of 549.479 billion yuan, a slight increase of 0.08% year-on-year.

In 2023, the original insurance premium income reached 12.699 billion yuan, increasing 0.1% year-on-year. Life insurance premium income was 8.368 billion yuan (decreasing 3.5%); health insurance premium income was 2.544 billion yuan (decreasing 1.3%), personal accident insurance premium income was 224 million yuan (decreasing 18.5%); and property insurance premium income was 4.331 billion yuan (increase rate 7.8%). Insurance claim payouts amounted to 5.064 billion yuan, increasing by 13.4%.

According to an estimate statistics,  In the year 2019, Hengyang’s gross value of production is ￥116.8 billion, increased 14.7% than that of the previous year. And the increase speed is 2.7% faster than that in 2018. The first industry has increased￥24.05 billion than that of 2008 (increase rate 5.6%), ￥50.04 billion increased in the second industry ( increase rate 18.9%), and ￥42.72 billion increased in the third industry (increase rate 12.8%). This increase trend goes all through the year. The first quarter witnesses the augment by 15.8%, the second quarter 13.8%, the third quarter 14.1% and the last quarter 15.1%. The average GDP for the regular residents is ￥17,299 per person, creased by 11.6%.  

The proportions of the three industries in Hengyang’s GDP is respectively 20.6%, 42.8%, and 36.6%. The first industry’s share decreased 1.7% than that of the previous year, and the second and third industry’s shares increased respectively by 1.1% and 0.6%. The producing industry’s contribution rate to the prefecture`s economy is 52.5%.  

Hengyang’s industry includes mechanism, metallurgy, chemical engineering, building materials, textile, foodstuff processing, etc. athletic traumatism ointment, roller, acetic ether and other 7 products have gained honor. Hengyang Tractor-making Company and Hengyang Jianxiang Diesel Company form up an affiliated company, a critical joint in Hunan agricultural machinery industry.  The range of main products is as follow: fork lifts, bus, small tractors, diesels, transformers, water pumps, steel, cables, bicycles, wrist watches, instrumental meters, ceramics, civil locks, zips, cotton thread, cotton cloth, clothing, leather, salt, cigarettes, paper, plastic goods, chemical drugs, cooling rigs, mine machineries, and so on.  Hengyang Cable manufacturing corporation’s Gold-cup copper-wire is silver-medal winner among its competitors. Hand tractor diesels and transformers have markets in more than 80 countries in the world.