BEIJING: China’s provincial-level regions have recently announced their 2023 economic performance and 2024 targets, showcasing the country’s upward development trend.
According to a report by People’s Daily Online, all 31 provinces, municipalities, and autonomous regions recorded an increase in GDP last year.
Xizang and Hainan emerged as the top performers with approximately 9.5 and 9.2 percent growth respectively, closely followed by Inner Mongolia at 7.3 percent. Major manufacturing centres such as Jiangsu, Zhejiang, and Guangdong provinces reported GDP growth in the range of 4-6 percent.
Guangdong became the first province to top 13 trillion yuan (US$1.83 trillion) in GDP, maintaining its top position for 35 straight years. Its government report highlighted the vitality of private enterprises, which account for over 10 million individual businesses and 7.8 million total enterprises in the province.
Jiangsu ranked second nationwide with over 12 trillion yuan GDP. Shandong crossed the 9 trillion mark for
the first time, ranking third. Zhejiang reached over 8 trillion yuan GDP, a first for the province.
The growth also reflected quality development. Shandong has China’s best business environment and over 45,000 tech SMEs. Beijing maintained the highest per capita GDP and energy efficiency. Shanghai hit record foreign investment of US$24 billion.
26 cities are now in the “trillion yuan GDP club”, with Jiangsu having the most members. New entrants include Qingdao, Jinan and Yantai.
For 2024, most provinces set 5 percent GDP targets, in line with 2023’s national growth. Xizang and Hainan aim for around 8 percent, the highest targets set. Provinces are also focusing on emerging industries and domestic consumption.
Source: Emirates News Agency
