Regional GDP fluctuates and shows resilience
2023-05-05
Stable growth, expanding domestic demand, and strengthening confidence are key words for accelerating development in various regions this year. On the basis of consolidating the "stability" of the first quarter, we should continue to gather the strength of the "progress" of the second quarter, and promote the high-quality development of China's economy with a more ambitious attitude, a pragmatic style, and a passion for work and entrepreneurship. As of now, all the "first quarter reports" of 31 provinces, autonomous regions, and cities have been released. Among them, 23 provinces outperformed the national average GDP growth rate of P4.5% in the first quarter, and multiple provinces' GDP growth rates have exceeded their annual economic growth targets set at the beginning of the year. Stable growth, expanding domestic demand, and strengthening confidence are key words for accelerating development in various regions this year. In the first quarter, the initial results of "economic integration" were evident, and the regional economic operation in China showed a good momentum of accelerating recovery and increasing potential - the Northeast sector was the first to bear the brunt. For many years, the economic growth rate of the three northeastern provinces has been ranked low in the country, but this year the economic data has been very impressive. In the first quarter, Jilin grew by 8.2%, Heilongjiang grew by 5.1%, and Liaoning grew by 4.7%. Apart from Jilin ranking first in the country, the growth rates of Heilongjiang and Liaoning were both higher than the national average and even ranked among the top. From the perspective of composition, although the high growth of some indicators is related to the lower base of the previous year, the overall data indicates that the upward trend of the Northeast economy has basically formed. The overall performance of the five northwestern provinces is outstanding. In the first quarter, the GDP growth rate of Ningxia, Gansu, Shaanxi, Qinghai, and Xinjiang all exceeded the national average, with Ningxia leading the northwest with a growth rate of 7.5%, and Shaanxi ranking first in the northwest sector with a total economic output of 765.19 billion yuan. From the actual economic development of the northwest region in the first quarter, energy production remains the main driving force for rapid economic growth in the western region. However, as the pace of industrial restructuring in the western region accelerates, the willingness of enterprises in the eastern region to invest in the western region has increased. At the same time, their own development speed in non energy fields, especially emerging industries, service industries, and other fields is also accelerating. The major economic provinces continue to "pick the big beam". In the first quarter, Guangdong, Jiangsu, Shandong, Zhejiang, Henan, and Sichuan, six major economic provinces required by the Central Committee of the Communist Party of China, accounted for 44.65% of the country's gross domestic product and remained the "backbone" of national economic development. Among them, Guangdong's GDP exceeded 3 trillion yuan for the first time, followed closely by Jiangsu with over 2.9 trillion yuan, and Shandong with over 2 trillion yuan for the first time. From the perspective of major economic indicators, the foundation for the overall improvement of major economic provinces is more solid, and the driving force for accelerating high-quality development is also more sufficient. Surprisingly, the growth of some southern provinces, which ranked top last year, declined sharply in the first quarter of this year. Especially in Jiangxi and Fujian provinces, which ranked first in the country in terms of growth rate last year, the growth rates in the first quarter were only 1.2% and 1.7%, respectively. Analysis suggests that, in addition to factors with a relatively high base in the same period last year, the main reason for the slowdown in industrial growth rate is the main reason for the economic growth of these two provinces. Taking Jiangxi as an example, in 2021, its industrial added value entered the national industrial "trillion club" for the first time. Although it entered the ranks of emerging industrial provinces, the overall industrial development started late and had a weak foundation, often being the first to be affected when external demand changes. Objectively speaking, Jiangxi, Fujian and other provinces have experienced economic growth this time
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：economic dairy
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