China's economy has shown strong economic growth momentum, with a total of 16 provincial-level regions, including seven in the west and two in the center, exceeding the national economic growth rate in 2023, according to a report on Tuesday.
* The GDP growth rate of the autonomous region in 2023 will reach 95%, currently ranking first in the country, followed by Hainan Province and Inner Mongolia Autonomous Region, with 92% and 73%。
Regions with growth rates of more than 6% include the Ningxia Hui Autonomous Region, Gansu and Jilin, Chongqing, as well as Shandong, Sichuan, Zhejiang and Hubei.
Ming Ming, chief economist at CITIC**, said that from the perspective of economic growth rate, in 2023, China's western and eastern regions will grow faster in relatively developed regions.
From the perspective of economic operation, the growth rate of investment in the western region is higher, the degree of opening up to the outside world in the eastern region is higher, the private economy is more active, the utilization of talent dividends is more sufficient, the policy implementation is relatively intensive, and the guidance for investment is stronger.
Liu Xiangdong, deputy director of the economic research department of the China Center for International Economic Exchanges, said that in 2023, economic growth in some provinces exceeded the national average, mainly due to the accelerated recovery of industrial and service sector growth.
Liu stressed the importance of the rapid growth of the service sector, which is performing very well as consumption recovers at a faster pace.
In terms of economic aggregates, Guangdong, Jiangsu, and Shandong ranked the top three in 2023, with each province having a total economic output of more than 9 trillion yuan (1$26 trillion).
As a major economic province in China, Guangdong has become the first major province in the country with an annual GDP of more than 13 trillion yuan, and its economic aggregate has ranked first in the country for 35 consecutive years.
Tian Lihui, director of the Institute of Finance and Development at Nankai University, said that Guangdong's industrial growth momentum is strong, driven by emerging industries such as new energy vehicles, photovoltaics and wind power.
Jiangsu has vigorously promoted the rapid development of emerging industries and the transformation and upgrading of traditional industries, and has made remarkable progress in high-tech industries, new materials, intelligent manufacturing and other fields.
Stabilizing expectations is critical to economic development. He said that the setting of economic growth targets should be reasonable and stable in order to enhance the confidence of enterprises and the market and promote investment and consumption.
At present, 27 regions have set economic growth targets for 2024, with Guangdong, Jiangsu, Shandong and Zhejiang targeting around 5% this year, and Hainan at around 8%, the report said.