GDP growth rates of 24 provincial regions, including Chongqing, Guizhou, Tianjin and Jiangxi, in the first three quarters of this year exceeded the national level, according to data released by authorities. As of now, 28 provinces, municipalities and autonomous regions have published their economic data in the first half and the first three quarters.
Chongqing and Guizhou, both located in western China, took the first two places, with GDP growth rate exceeding 10 percent.
Chongqing has led the nation in economic growth for 11 consecutive quarters, with 10.7 percent GDP growth in the first three quarters of this year. Such high growth momentum is mainly attributed to the stable development of traditional vehicle manufacturing and electronic information industries, the high-speed growth of strategic emerging manufacturing industry and the rapidly increasing added value of high-tech sectors, according to Zhang Fumin, deputy director of the municipality’s statistics bureau.
Guizhou has actively promoted the supply-side structural reform and speeded up the shift from old growth engines to new ones to improve its economic performance, achieving 10.5 percent GDP growth in the first three quarters, the same as the first half of this year.
The northeastern region has also seen progress in economic development, with GDP growth of the region’s Jilin province in the first half tying the national level, the first time since 2014, which shows the region’s economy is revitalizing.
The stable economic performance in the first three quarters reflects not only the adjustments of some macro policies made in the past two or three years, but also the potential driving force for economic growth brought by the supply-side reform. And overall, the national economy showed good momentum of stable and moderate growth in this period, said Lian Ping, chief economist with the Bank of Communications.