Economic Data In 2024: 31 Provinces Show Annual Economic "Report Card"

The economic data of 31 provinces, autonomous regions and municipalities directly under the Central Government in 2024 have been released recently.

Catch up with each other and work hard to move forward. All regions have handed over a commendable report card. From the perspective of the actual growth rate of GDP (gross domestic product), the growth rate of Jiangsu, Shandong, Zhejiang, Fujian and other major eastern economic provinces is faster than 5% of the national growth rate, and Anhui, Hubei, Inner Mongolia, Gansu, Xinjiang and other central and western provinces. From the perspective of economic aggregate, there are 11 major economic provinces with local GDP of more than 5 trillion yuan, of which Guangdong is the first province with a GDP of 14 trillion yuan in China.

Experts said that the "transcripts" of local economies not only reflect the pressures and challenges facing China's economy, but also prove the resilience and potential of China's economy, and also show many new structural characteristics.

Bravely challenge the girder——

A big economic province has made progress while maintaining stability

On February 5, the first working day after the Spring Festival of the Chinese New Year of the Snake, Toyota Motor Corporation officially announced the establishment of the Lexus pure electric vehicle and battery R&D and production company in Jinshan District, Shanghai. Toyota Motor Corporation said that the new company will rely on the advanced and mature industrial chain foundation, logistics network, talent system and market scale in Shanghai and the Yangtze River Delta region to reflect the expectations of Chinese customers into products at a Chinese speed.

Foreign investment was targeted and confirmed the economic performance of the eastern coastal areas with practical actions.

From the economic "report card" of various regions, the provinces with an economic aggregate of more than 5 trillion yuan are Guangdong, Jiangsu, Shandong, Zhejiang, Sichuan, Henan, Hubei, Fujian, Shanghai, Hunan and Anhui. The nominal GDP growth of 10 provinces is faster than that of the whole country, which shows that major economic provinces have taken on the task of "picking the beam" for the national economy. Specifically, "making progress while maintaining stability" is the key word of a province with a large economy.

The economy is stable and the main body is full of vitality - In 2024, the total economic output of Zhejiang Province will exceed 9 trillion yuan, an increase of 5.5% over the previous year at constant prices, higher than the national growth rate (5%). In 2024, the added value of private enterprises above designated size in Zhejiang will increase by 8.1% over the previous year, 0.6 percentage points higher than that of industries above designated size, and the contribution rate to the added value growth of industries above designated size will reach 79.4%; The number of private enterprises with export performance exceeded 100000 for the first time, reaching 100361. "The economic operation is progressing steadily, and the golden card of private economy is brighter, which fully demonstrates the mission of" a big economic province to pick the beam "," said Zhou Xiangjun, Deputy Secretary General of Zhejiang Provincial Government.

More high-end products and increased enterprise benefits - according to the data released by Fujian Provincial Bureau of Statistics, the high-end, intelligent and green manufacturing industry in the province will continue to advance in 2024. Among them, high-end equipment industries such as aerospace and equipment manufacturing industry above designated size (28.8%), medical equipment and instrumentation manufacturing industry (19.7%), and electronic industry special equipment manufacturing industry (18.8%) all achieved double-digit growth in added value; The output of industrial robots (1.5 times), analog chips (80.1%), integrated circuits (31.3%), wind turbines (96.2%), and charging piles (14.1%) also performed well. The cultivation of new quality productivity has been accelerated, and the efficiency of enterprises has also been constantly improved. In 2024, the total profit of industries above designated size in Fujian Province will increase by 16.2% over the previous year.

High level of openness, larger circle of friends - According to Cui Hongguang, deputy director of the Department of Commerce of Shandong Province, from January to November 2024, the import and export of Shandong Province will exceed 3 trillion yuan, of which the export will grow by 6.9%; The utilized foreign capital was 11.02 billion US dollars, accounting for 10.4% of the national total. "Up to now, there are more than 19000 foreign-funded enterprises in operation in the province. Multinational companies such as Hyundai, Hewlett Packard and Komatsu of Japan have taken root in Shandong, driving the formation of a number of influential industrial clusters," Cui Hongguang said.

"The steady growth of the eastern coastal areas not only helps to stabilize the basic economic situation of the country, but also the exploration of relevant provinces in emerging industries, business environment, opening up and other aspects can bring beneficial experience and cooperative opportunities for the transformation and upgrading of industries in other regions in terms of digitalization, intelligence and greening." Said Yu Jian, vice president of the China Institute of Macro Development at the Central University of Finance and Economics.

Accelerate to catch up——

Double rise in quantity and quality in central and western regions

Among the provinces with an economic aggregate of more than 5 trillion yuan, the performance of Sichuan, Hubei, Anhui and other central and western provinces deserves special attention. In 2024, many central and western provinces will show a trend of "quantity and quality rising".

Judging by the number, many central and western provinces have joined the ranks of "major economic provinces" and maintained a rapid growth momentum.

In 2024, Sichuan Province will achieve a GDP of 6469.7 billion yuan, an increase of 5.7% over the previous year at constant prices, 0.4 percentage points faster than the first three quarters and 0.7 percentage points higher than the national level. Among them, the service industry represented by leasing, catering, e-sports and transportation has shown strong vitality. "In the first quarter, the first half, the first three quarters, and the whole year of 2024, the added value of the service industry of the province increased by 6.4%, 5.8%, 5.6%, and 6.3% respectively, and the growth rate was higher than the national average for eight consecutive quarters and higher than the growth rate of the province's regional GDP." Yu Guinan, director of the Service Industry Department of Sichuan Provincial Bureau of Statistics, gave an example.

"In 2024, Hubei Province will achieve a GDP of 6001.297 billion yuan, an increase of 5.8% over the previous year at constant prices." Xie Gaobo, director of Hubei Provincial Bureau of Statistics, said that Hubei's economic performance in the past year can be summarized as "a more solid foundation for stability, a stronger momentum for progress, and a more prominent quality". For example, the scale of import and export trade has historically exceeded 700 billion yuan, an increase of 9.6%, 4.6 percentage points faster than that of the whole country. The export of mechanical and electrical products accounted for 53.7%, 2.6 percentage points higher than that of the previous year. The export volume of mobile phones, automobiles, integrated circuits, lithium-ion batteries and other products increased by 34.4%, 19.5%, 52.8% and 133.8% respectively.

In terms of quality, the "gold content" of economic development in central and western provinces has been continuously improved, and the foundation has become more solid.

According to Zhang Junzhen, deputy director of Gansu Provincial Bureau of Statistics, in 2024, Gansu's regional GDP will reach 1.3 trillion yuan after breaking through 1 trillion yuan in 2021. Gansu continued to promote the long system of industrial chain, promoted 810 projects to complete investment of 125.4 billion yuan, and Jinbailanwu nonferrous metal cluster and Baohantian industrial machine cluster were selected as national advanced manufacturing clusters.

"As a major agricultural province, Henan Province, expanding the effective investment in the primary industry can not only steadily improve the important position of the primary industry in the economic development of the province, but also play an important role in accelerating the construction of a strong agricultural province." Chen Zhe, director of the Investment Department of Henan Provincial Bureau of Statistics, said that the agricultural investment, which accounts for more than 60% of the investment in the primary industry, increased by 8.8% year-on-year, 24.4 percentage points faster than that in 2023, The contribution rate to the growth of investment in the primary industry is 158.5%, which has been growing for five consecutive months since August 2024.

Yu Jian believes that in 2024, the central and western regions will promote the "shift and speed up" of traditional industries through technological transformation, environmental upgrading and other means. At the same time, the central and western regions also actively increased investment in transportation, water conservancy, energy, digital infrastructure and other fields, continued to introduce and cultivate high-end manufacturing industries, and orderly undertook the transfer of high-quality industries in the eastern region, thus achieving a "double harvest" of growth quantity and development quality.

Energetic——

"The first meeting of the Spring Festival"

Zhang Liqun, a researcher of the Macroeconomic Research Department of the Development Research Center of the State Council, believes that in 2024, the world economy will lack momentum of growth, the adverse effects of changes in the external environment will deepen, and some structural contradictions accumulated over a long period of time in China will be prominent, which will pose a great challenge to maintaining stable economic operation.

"From the perspective of total volume and growth rate, last year's' report card 'basically reflects the characteristics of each province in terms of industrial structure, resource endowment and location conditions. At the same time, more specific and detailed structural data reflect the positive trend of more balanced regional economic development in China." Zhang Liqun said that in 2025, each region should further consolidate its own industrial development foundation and public service foundation, Actively participate in the construction of a unified national market, solidly optimize the business environment, more accurately find their own positioning in the dynamic division of labor optimization, make full use of a series of macro policies issued by the central government, and consolidate the momentum of sustained economic recovery.

In recent days, many places have held "the first meeting of the Spring Festival", carefully studied the economic development situation, and actively grasped the trend and planned countermeasures.

For the third consecutive year, Guangdong Province held the provincial high-quality development conference on the first day of work in the Spring Festival. Ai Xuefeng, director of the Development and Reform Commission of Guangdong Province, said that the future industry represents a new round of scientific and technological revolution and the direction of industrial reform, and major countries and regions in the world are accelerating their research and layout. In 2025, Guangdong will implement eight major actions, including strengthening the foundation through scientific and technological innovation, optimizing industrial clusters, and enabling digital intelligence technology, to accelerate the construction of a modern industrial system.

At the conference of science and technology innovation leading the development of new quality productivity, Anhui Province proposed that it should strive bravely to seize the commanding heights of science and technology, take the role in effectively solving the "neck jam" problem, break new paths in promoting the transformation of scientific and technological achievements, and constantly improve the ability of scientific and technological innovation policy sources. We should improve our work style, create a better business environment, help enterprises solve difficult problems in a timely and effective manner, and guide and help various business entities to better participate in the development of new quality productivity.

Liaoning Province proposed at the provincial mobilization meeting for optimizing the business environment and the decisive year of the three-year action to strengthen the construction of the rule of law, optimize public services, and let all kinds of business entities have a sense of gain, courtesy and belonging in Liaoning. At the same time, we will optimize the "soft environment" by reforming "hard measures", stimulate new vitality, promote state-owned capital and state-owned enterprises to become stronger, better and larger, and support private enterprises to transform their mode, adjust their structure, change their momentum and improve their capabilities.

"There is an 'economic report card' in front, and then there is' the first meeting of the new year '. At the beginning of the new year, all regions are eager to make plans and arrangements in advance in combination with their own resource endowments, development stages and industrial characteristics, which is conducive to a good start to economic work in 2025." Yu Jian said.

(Source: People's Daily Online)