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Economy

HOME > Economy


China's economy shows steady growth in H1 with local GDP outperforming

August 31, 2018


Abstract : China's gross domestic product (GDP) expanded 6.8 percent year on year in the first half of the year, well above the government's annual growth target of around 6.5 percent, according to data from the National Bureau of Statistics (NBS).

BEIJING, Aug. 31 (Xinhua) -- China's gross domestic product (GDP) expanded 6.8 percent year on year in the first half of the year, well above the government's annual growth target of around 6.5 percent, according to data from the National Bureau of Statistics (NBS).

--- Local GDP shows robust growth

Among the 31 provincial-level regions on the Chinese mainland, Guangdong, Jiangsu, Shandong, Zhejiang, Henan, Sichuan, Hubei, Hebei, Hunan, Shanghai, Fujian, Anhui, Beijing, Liaoning, Shaanxi and Jiangxi each saw their GDP exceed one trillion yuan.

It is worth noting that provinces of Guangdong and Jiangsu each achieved the GDP of more than 4 trillion yuan in the first half of the year.

In terms of the growth rate in the first half of the year, Guizhou Province ranked first with its GDP growth at 10 percent, 3.2 percentage points higher than the country's GDP growth during the period. The province's GDP was 663.286 billion yuan (about 97 billion U.S. dollars) in the first half of the year.

In terms of the per capita disposable income, Shanghai and Beijing achieved the highest per capita disposable income of 32,212 yuan and 31,079 yuan, respectively.

According to the statistics, Guizhou saw its per capita disposable income of residents increase by 9 percent, implying the promising prospects in economic growth

 

Local GDP growth in China

Province/Region/

Municipality

GDP growth in first half of 2018 (%)

GDP in first half of 2018(bln yuan)

Ranking by GDP

Guizhou Province

10.00

663.29

23

Tibet Autonomous Region

9.80

61.59

31

Yunnan Province

9.20

700.89

22

Jiangxi Province

9.00

1,012.45

16

Shaanxi Province

8.60

1,070.26

15

Anhui Province

8.30

1,426.40

12

Fujian Province

8.20

1,484.09

11

Sichuan Province

8.20

1,832.70

6

Henan Province

7.80

2,224.45

5

Hubei Province

7.80

1,795.82

7

Hunan Province

7.80

1,640.50

9

Ningxia Hui Autonomous Region

7.70

160.36

29

Zhejiang Province

7.60

2,567.43

4

Guangdong Province

7.10

4,634.19

1

Jiangsu Province

7.00

4,486.35

2

Shanghai Municipality

6.90

1,555.82

10

Beijing Municipality

6.80

1,405.12

13

Shanxi Province

6.80

748.28

21

Shandong Province

6.60

3,965.81

3

Hebei Province

6.50

1,660.05

8

Chongqing Municipality

6.50

982.11

18

Guangxi Zhuang Autonomous Region

6.20

876.26

19

Qinghai Province

5.90

119.70

30

Hainan Province

5.80

243.49

28

Liaoning Province

5.60

1,138.33

14

Xinjiang Uygur Autonomous Region

5.60

489.25

26

Heilongjiang Province

5.50

624.06

25

Gansu Province

5.00

349.76

27

Inner Mongolia Autonomous Region

4.90

777.67

20

Tianjin Municipality

3.40

992.76

17

Jilin Province

2.50

629.91

24

(Source: National Bureau of Statistics)


     --- New engines promote local economic growth

In the first half of the year, the acceleration of industrial transformation and upgrading, and the rapid development of emerging industries were the main driving forces for the local economic growth.

For example, Guangdong Province ranking first in terms of GDP paid high attention to the industrial transformation and upgrading. Its pillar industry strongly supported the overall industrial development, with the added value of electronic information industry, electrical machinery and equipment manufacturing, and automobile manufacturing increasing by 9.0 percent, 7.9 percent and 11.3 percent, respectively.

In the first half of the year, Jiangsu Province also saw a jump in the output of new products. The output of new energy vehicles, smart TV, 3D printing equipment and industrial robots increasing by 348.3 percent, 64.9 percent, 54.8 percent, and 33.6 percent year on year, respectively.

The emerging industries also contributed to the GDP growth in Shandong Province, with the output of new products such as industrial robots, servers and new energy vehicles increasing by 119.4 percent, 58.3 percent and 37.7 percent, respectively.

Digital economy played an important role in promoting Zhejiang's economic growth in the first half of the year. The added value of core industries of Zhejiang's digital economy was 234.8 billion yuan, a year-on-year increase of 16.4 percent, accounting for 9.1 percent of its GDP. (Edited by Wu Shuang, Hu Pingchao, hupingchao@xinhua.org)


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