Guangdong and Jiangsu lead the way with 7 trillion yuan

As of October 24, at least 24 provinces in China, including Guangdong, Jiangsu, Zhejiang, Henan, Sichuan and Hubei, have submitted their economic performance reports for the first three quarters. In terms of the total economic output in the previous three quarters, Guangdong still leads the country with a GDP of 7.72 trillion yuan. Jiangsu followed closely, with a total economic output of 7 trillion yuan in the first three quarters, reaching 7.22 trillion yuan. Jiangsu is catching up with Guangdong, but the gap is widening. From the perspective of economic growth in the first three quarters, 16 of the 24 provinces surpassed or were equal to the national average. The economy of Yunnan and Guizhou continued to maintain high growth. The growth rate of Yunnan in the first three quarters was 8.8%, 2.6 percentage points higher than the national average. The growth rate of Guizhou in the first three quarters was 8.7%, which was the top three in China for 35 consecutive quarters. Heilongjiang's growth rate is 4.3%, temporarily at the bottom. In addition, in the first three quarters of the 24 provinces, the economic growth of 17 provinces has declined to varying degrees compared with the same period of last year, with Shaanxi slowing down the most, reaching 2.6 percentage points.

The growth rate of Hunan, Henan and Chongqing was the same as that of the same period last year, while that of Shanxi, Inner Mongolia, Hainan and Tianjin accelerated year on year. In terms of total economic output in the first three quarters, the top five provinces are Guangdong, Jiangsu, Zhejiang, Henan and Sichuan. Guangdong led the country with 7.72 trillion yuan, with a growth rate of 6.4%. Jiangsu followed closely. For the first time in the first three quarters, the total economic volume exceeded 7 trillion yuan, reaching 7.22 trillion yuan, with the same growth rate of 6.4%. However, in terms of GDP in the first three quarters of the past three years, Jiangsu has caught up with Guangdong, but the gap has slightly widened, from 0.22 trillion yuan in the first three quarters of 2017 to 0.36 trillion yuan last year. In the first three quarters of this year, Guangdong surpassed Jiangsu by 0.50 trillion yuan. In the first three quarters of last year, the GDP of Shandong Province, ranking the third in terms of total economic output, was 5.96 trillion yuan, and no data has been released this year. In the first three quarters, Zhejiang's GDP stood at the level of 4 trillion yuan for the first time, achieving a record of 4.32 trillion yuan, up 6.6% year on year.

Henan and Sichuan continued to maintain an array of 3 trillion yuan, with GDP of 3.91 trillion yuan and 3.39 trillion yuan respectively in the first three quarters of the two provinces. In addition to Henan and Sichuan, Hubei has entered the 3 trillion yuan club for the first time this year, with a GDP of 3.05 trillion yuan in the first three quarters. In the first three quarters, the GDP of Hunan, Fujian, Shanghai, Anhui and Beijing continued to guard the 2 trillion yuan array. The total economic output of the five provinces was 2.80 trillion yuan, 2.56 trillion yuan, 2.54 trillion yuan, 2.38 trillion yuan and 2.31 trillion yuan, respectively. According to the data released by the National Bureau of statistics on October 18, the GDP of the first three quarters was 69.78 trillion yuan, up 6.2% year on year. Of the 24 provinces that have released economic data, 16 are above or equal to the national average. In the first three quarters, Yunnan, Guizhou, Jiangxi and Fujian ranked the top four in terms of economic growth. In addition, Hubei, Hunan, Anhui and Sichuan tied for the fifth place. The economy of Yunnan and Guizhou continued to maintain high growth. Yunnan's GDP in the first three quarters was 1.30 trillion yuan, up 8.8% year on year, 2.6 percentage points higher than the national average. The GDP of Guizhou in the first three quarters was 1.15 trillion yuan, up 8.7% year on year.

It is worth noting that Guizhou's GDP growth rate ranked the top three in China for 35 consecutive quarters. According to Peng long, deputy director of Guizhou Provincial Bureau of statistics, Guizhou's GDP grew by 9.2% year on year in the first quarter, 9.0% in the first half of the year, and 8.7% in the first three quarters. Although the growth rate slowed down, it was still 2.5 percentage points higher than the national growth rate in the same period, continuing the development trend higher than the whole country and the West. At present, Jiangxi and Fujian, ranking the third and fourth in terms of growth rate, have seen economic growth of 8.6% and 8.0% respectively in the first three quarters. The GDP growth rate of Hubei, Hunan, Anhui and Sichuan was 7.8%. Henan is also the country with a growth rate of 7.4%, higher than 7.0%. The GDP growth of Tianjin and Heilongjiang in the first three quarters is at the end of the list. Among them, the growth rate of Heilongjiang is 4.3%, which is at the bottom temporarily. Tianjin's economic growth rate in the first three quarters was 4.6%, which was the same as that in the first half of this year, ranking the second lowest. However, Tianjin's growth rate is picking up, 1.1 percentage points higher than the same period last year. From 1999 to 2014, Tianjin's GDP growth has always been double-digit.

However, in 2017, Tianjin's economic growth rate dropped, and the GDP growth rate in that year plummeted to 3.6% from 9% in 2016. In the first quarter of 2018, the growth rate of Tianjin continued to decline to 1.9%. In the first half of last year, Tianjin's growth picked up to 3.4%. In the first three quarters of last year, Tianjin grew by 3.5%. In 2018, the annual growth rate of Tianjin was 3.6%. In the first quarter of this year, Tianjin's growth picked up to 4.5%. Compared with the same period last year, the growth rate of 17 provinces has slowed down, while the decline rate of Shaanxi is the largest temporarily. According to the work report of local governments this year, 23 provinces including Tianjin, Chongqing and Guizhou have lowered their GDP growth targets this year. In fact, among the 24 provinces that have published their report cards, the economic growth rate of 17 provinces in the first three quarters has declined to varying degrees year-on-year; Hunan, Henan and Chongqing are flat in the same period of last year; Shanxi, Inner Mongolia, Hainan and Tianjin have accelerated year-on-year growth. At present, Shaanxi has the largest slowdown in growth. The GDP growth rate in the first three quarters of Shaanxi was 5.8%, 0.4 percentage points lower than that of the whole country, 2.6 percentage points lower than that of the same period last year. In terms of industrial and investment growth, the added value of industries above Designated Size in Shaanxi increased by 4.5% year on year in the first three quarters, 1.2 percentage points higher than that in the first half of the year, and 4.7 percentage points lower than that in the same period last year.