Dongyang is home to numerous construction companies, the primary one being Zhongtian. Dongyang also produces magnets, chemicals, plastics, garments, agricultural products, and wooden sculptures. The reform and opening policies of the 1970s have accelerated economic growth, and the city ranks among the top 100 cities in China, and the first well-off counties (cities) in Zhejiang Province. In 2005, the city's GDP reached 15.984 billion RMB yuan, earning fiscal revenue of 1.38 billion RMB yuan. Per-capita disposable income for urban households totaled 13,349 RMB yuan, and per-capita net income for farmers amounted to 6,903 RMB yuan. Industry is a major component of Dongyang's economy. The city boasts a wide range of industrial sectors, led by electronic, machine building, magnetic material producing, and medical and chemical industries. At present, Dongyang has become the largest magnetic material production and exportation base in China. It is also the third largest medical and pharmaceutical city in Zhejiang, and boasts a group of leading companies in this sphere, such as Hengdian Kangyu Pharmaceutical Co. Ltd, Zhejiang Garden Biological High-tech Co., Ltd, and Zhejiang Hansheng Pharmaceutical Co. Ltd. Dongyang is experiencing a period of great growth, comparable to other regions and cities in Eastern China. In the city square (called Holman Chen), many couples on pleasant evenings dance to traditional and Chinese pop songs. In one of Dongyang's towns,
Hengdian, there is a famous
movie studio, where many films and TV shows about ancient China are made. Considered the Hollywood of the East, this vast movie set is a great day trip that is usually very quiet and empty. The movie set is home to a recreation of the Summer Palace, the Great Wall, an ancient Chinese Village and several small European Villages as well as a Pirate ship in a man-made lake. The movie
Hero, starring
Jet Li was filmed there, as well as the recent video game adaptation. ==Tourist attractions==