First quarter GDP data from 31 provinces released - good start to economic operation (Rui Finance)
2024-05-10
Recently, the first quarter economic reports for 31 provinces in China in 2024 have been released one after another. In terms of economic output, Guangdong and Jiangsu have entered the "3 trillion yuan club"; In terms of growth rate, 16 provinces are higher than the national line, with Jilin achieving a growth rate of 6.5%, ranking first. Overall, the first quarter of the economy started well. Among them, major economic provinces have played an engine role in driving national growth. Looking at the GDP growth rate of 16 provinces, Guangdong, Jiangsu, and Shandong continued to rank in the top three in the first quarter of 2024; Zhejiang, Henan, Sichuan, Hubei, Fujian, Hunan, and Anhui followed closely behind, all ranking in the top ten in the country. There are 13 provinces with a GDP exceeding 1 trillion yuan in the first quarter, namely Guangdong, Jiangsu, Shandong, Zhejiang, Henan, Sichuan, Hubei, Fujian, Hunan, Anhui, Shanghai, Beijing, and Hebei. Looking at the GDP growth rate, data from the National Bureau of Statistics shows that in the first quarter, China's GDP was 29629.9 billion yuan, a year-on-year increase of 5.3% at constant prices. In the first quarter, there were a total of 16 provinces in China with GDP growth rates higher than the national line, namely Jilin, Jiangsu, Chongqing, Zhejiang, Hubei, Sichuan, Beijing, Shandong, Inner Mongolia, Gansu, Fujian, Ningxia, Hebei, Xinjiang, Guizhou, Liaoning, and Tianjin with the same growth rate as the whole country. Among them, Jilin led with a growth rate of 6.5%, while Jiangsu and Chongqing tied for second place with a growth rate of 6.2%. "In addition to the low base impact in the early stage, Jilin's economic growth rate has shown a relatively high growth. Firstly, the industrial economy has grown rapidly, especially the industrial production capacity of automobiles, rail transit, and other industries has been fully released. Secondly, the supply and demand of the Chinese tourism service industry in a service-oriented economy have flourished." Liu Xiangdong, Deputy Minister of the Economic Research Department of the China International Economic Exchange Center, told our reporter that in the first quarter, the economic development of each province showed a positive change of marginal improvement, and the overall economic growth rate of each province showed a steady recovery and a positive trend. At the same time, there is a trend of differentiation in the normal economic recovery of various provinces. Jilin and other provinces seize opportunities for economic recovery and policy development, striving to develop upstream in the economic growth queue. Each province aims for high-quality development and places economic construction at the center of its tasks, demonstrating a competitive and open development model of catching up with each other. From the perspective of growth rate, among the top ten provinces in terms of economic output in the first quarter, six provinces including Jiangsu, Shandong, Zhejiang, Sichuan, Hubei, and Fujian had growth rates above the national level, while all five provinces except Fujian had growth rates of 6% or more. In terms of growth, the gross domestic product (GDP) in the first quarter of this year was 29629.9 billion yuan, an increase of 113.02 billion yuan compared to 28499.7 billion yuan in the first quarter of 2023. The top ten provinces in terms of economic output in the first quarter saw a year-on-year growth of 745.147 billion yuan, accounting for more than 60% of the country's GDP growth in the first quarter. "In the first quarter, the economic growth rate in various regions continued to recover, especially in major economic provinces such as Jiangsu, Shandong, and Zhejiang, which played a leading role in leading the continuous recovery and improvement of the Chinese economy." Liu Xiangdong analyzed that this is mainly due to the strong resilience of economic development in major economic provinces, which are not only populous but also innovative and foreign trade oriented. Data shows that in the first quarter, Guangdong's total import and export volume was 20400 yuan
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