Recently, 31 provinces, regions and cities in the PRC consistently published economic reports for 2023 and announced economic development goals for 2024.
Guangdong became the first province in China to exceed 13 trillion yuan in economic output. Jiangsu once again took the leading position in terms of the annual volume of actually used foreign investment. The “Trillion-Tillion Cities Club” added two new member cities. The annual economic reports of the country’s regions recorded new achievements, which provide convincing evidence of China’s economic recovery.
The GDP of 31 provinces maintains positive growth. In particular, the GDP growth rates of the Tibet Autonomous Region (Southwest China) and Hainan Province (South China) reached 9.5% and 9.2% respectively, currently leading the country. The Inner Mongolia Autonomous Region (North China), whose GDP growth reached 7.3%, ranks third. In addition, areas with a growth rate above 6% include Ningxia Hui Autonomous Region, Gansu Province, Jilin, Chongqing, Shandong, Sichuan, Zhejiang, etc. The GDP growth rates of most provinces are in the range of 4% to 6%.
Guangdong’s GDP grew by 4.8% year on year, exceeding 13 trillion yuan for the first time, making it the country’s top performer for 35 consecutive years. The Guangdong government report highlights the characteristics of the private sector economy, namely its strong business activity and strong resilience. For example, over the past year the number of economic entities in the province exceeded 18 million, the number of individual entrepreneurs – 10 million, enterprises – 7.8 million, which is one seventh of the total number of enterprises in the country. The second largest province in China by GDP is Jiangsu, its GDP reaches more than 12 trillion yuan. The GDP of Shandong Province took third place, exceeding 9 trillion yuan for the first time; Zhejiang Province was in fourth place in terms of GDP, its GDP exceeded 8 trillion yuan for the first time.
Along with increasing the scale of development, high-quality development is reaching a higher level. Shandong Province has once again been included in the list of Chinese regions with favorable conditions for doing business. The number of special industrial clusters of medium and small enterprises at the state level here has reached 15, 299 new enterprises have entered the register of the special new key enterprise “Little Giant”, the number of science and technology- intensive medium and small enterprises has exceeded 45 thousand. In the annual economic report, Beijing also became leader in a number of indicators in many areas, including GDP per capita, labor productivity, energy consumption and water consumption per 10 thousand yuan of GDP, etc. Shanghai has set a new historical high in terms of the amount of foreign investment actually used. Their amount amounted to 24 billion US dollars. The total volume of transactions in the city’s financial market increased by 15%. This proves that Shanghai remains a center of attraction for global investment.
Based on current data, a total of 26 cities across the nation are recognized as members of the “Trillion-Dollar Cities Club.” Leading this group is Jiangsu Province, boasting the highest number of cities with a GDP surpassing 1 trillion yuan, including Suzhou, Nanjing, Wuxi, Nantong, and Changzhou. Guangdong Province follows closely with four trillion-dollar cities: Shenzhen, Guangzhou, Foshan, and Dongguan. Additionally, cities in Shandong Province such as Qingdao, Jinan, Yantai, along with cities in Zhejiang Province including Hangzhou and Ningbo, and cities in Fujian Province, namely Fuzhou and Quanzhou, have also earned membership in this esteemed club.
What are the aspirations for 2024? New objectives have been delineated in the governmental reports of various regions within the People’s Republic of China.
The Tibet Autonomous Region and Hainan Province, which spearheaded GDP growth in 2023, have set ambitious targets of 8% economic growth for 2024, representing the most robust anticipated GDP growth rate in the forthcoming year. Meanwhile, other provinces have targeted approximately 5% GDP growth for 2024, mirroring the figures from the previous year.
Reports from various regions of the People’s Republic of China have introduced the concept of “transforming productive forces,” which emphasizes leveraging equipment and technology. For instance, Sichuan Province will prioritize the development of the artificial intelligence industry, while Anhui Province will foster the establishment of world-class automobile manufacturing enterprises.
Shanghai has outlined plans for 34 projects slated for completion in 2024, with a focus on enhancing the well-being of its residents. Initiatives include adding 4,000 beds for elderly care, establishing 30 elderly canteens, and upgrading 3,000 beds for individuals with cognitive impairments. Furthermore, the city plans to increase public kindergarten enrollment by 3,000 slots and micro-district kindergarten enrollment by 7,000 slots. Construction of 70,000 preferential rental housing units, over 10,000 affordable housing units, completion of multi-story buildings, and installation of 3,000 additional elevators are also among the key objectives for Shanghai in 2024, with primary goals centered on elder care, childcare, and housing solutions.
Ningbo, leveraging its strategic advantages, aims to increase the growth rate of value-added in strategic new industries by over 2 percentage points compared to industry growth beyond established scales. The city plans to establish more than 30 model projects at provincial levels or higher in smart manufacturing and industrial internet sectors. Additionally, Ningbo will conduct regular bunkering operations for international ships with liquefied natural gas, further solidifying its position as a key city in foreign trade and industrial production.
Furthermore, regional government reports of the People’s Republic of China highlight the imperative of expanding domestic consumption and stimulating consumption growth. Beijing, with a focus on establishing itself as an international urban consumption center, will intensify efforts to unlock potential consumption, accelerate the transformation and upgrading of traditional shopping districts, and establish international consumption zones. Jiangsu Province, meanwhile, remains committed to promoting the development of new consumption formats in cultural and tourism sectors, fostering the emergence of domestic fashion brands and innovative consumption scenarios.
In 2024, China will continue its steadfast advancement at an accelerated pace!
Source: People’s Daily online
Technicians work at the Dayun electric vehicle assembly workshop in Yuncheng City, Shanxi Province, North China. Photo material from People’s Daily online/Yan Xin.
