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Original Title: 31 Provincial Annual Reports Released, Let’s See Which Country Has Surpassed Its Hometown GDP. Source: China Business News
On the morning of the 29th, Hebei released the 2020 data. So far, the 2020 annual economic reports for 31 provinces have been announced.
Judging from data released by various regions, many provinces have made further progress this year. Guangdong surpassed South Korea, Jiangsu surpassed 10 billion for the first time, and Hunan surpassed 4 billion for the first time. Judging from the ranking changes of the provinces, Fujian beat Hubei, Hebei beat Beijing, Jiangxi beat Liaoning and Guizhou beat Shanxi and Inner Mongolia. In terms of growth rate, Tibet, Guizhou and Yunnan are in the top three, and the growth rate of the western region, especially the southwest region, continues to lead.
Multi-province achieves a new leap
In terms of total volume, Guangdong, Jiangsu and Shandong are still in the top three. Among them, the GDP of Guangdong province in 2020 is 110,760.94 billion yuan, an increase of 2.3% year-on-year. This is the first time that Guangdong’s annual economic aggregate exceeded 11 trillion yuan, ranking first in the country for 32 consecutive years. Based on the 6.8974 average exchange rate of the renminbi to the US dollar last year, Guangdong’s GDP equivalent to US dollars in 2020 is US $ 1.6058 billion. According to recent reports from the South Korean media, the total GDP of South Korea in 2020 will be about 1.58 trillion US dollars. As a result, Guangdong’s GDP has overtaken South Korea, which has the largest economic aggregate among the four Asian tigers.
If Guangdong is considered an economy, Guangdong’s GDP in 2020 is equivalent to that of Russia, which is the 11th in the world.
Jiangsu, the second largest economic province, reached a GDP of 10,271,898 million yuan, surpassing the 10 trillion mark for the first time. This is the second province in the country whose GDP has exceeded 10 trillion yuan after Guangdong, and is significantly ahead of Shandong (7.3 trillion yuan), which ranks third. Based on the average exchange rate, Jiangsu’s GDP in 2020 is roughly US $ 1.49 trillion, surpassing Spain and Australia in 2019, reaching South Korea in 2020 and roughly 13th in the world.
Hunan has also made new breakthroughs, breaking the 4 trillion mark for the first time, reaching 4.1478.1 billion yuan. It is estimated that by 2021, the threshold of the top ten provinces in GDP will rise to more than 4 trillion yuan.
Judging by the ranking changes of the provinces, Fujian overtook Hubei, Hebei overtook Beijing, Jiangxi overtook Liaoning and Guizhou overtook Shanxi and Inner Mongolia.
Among them, Fujian’s GDP surpassed that of Hubei and rose to seventh place in the country. This was also the year that Fujian ranked highest in decades of reform and opening-up. Fujian, the eastern coast province with more mountains and fewer plains, has a resident population of less than 40 million, but its economy has continued to develop rapidly in recent years. In 2020, Quanzhou and Fuzhou crossed the trillion mark at the same time, and Fujian has two cities with a GDP of trillion.
Hubei was hit hard by the epidemic and fell from 7th to 8th place. Ye Qing, a professor at Zhongnan University of Economics and Law, analyzed that Hubei’s economy is recovering rapidly. Hubei’s GDP still lags behind Hunan in the first three quarters of 2020, but has outpaced Hunan’s accumulated in the fourth quarter. it will continue to recover in 2021. It can surpass Fujian and return to its original position.
A work report from the Hubei provincial government a few days ago noted that Hubei’s economy was severely affected last year. This year, we must do everything we can to get back to normal. Not only must we make up for the loss, we must also strive to regain the growth due to ensure a good start to the year. A comprehensive analysis of Hubei’s economic fundamentals and development trends, taking into account last year’s low base factors and potential growth rates, and setting the target for this year’s economic growth at 10% o more, it is proactive and strongly supported.
Table 1: Economic data for each province in 2020
Where are the fastest growing?
On the other hand, in general, the performance of the southern provinces is quite impressive. Although the overall development of Jiangxi, the central province, is not as striking as that of the surrounding provinces, its growth rate has been relatively rapid in recent years. In 2020, it surpassed Liaoning in the northeast to rise to 15th in the country.
Guizhou, which ranked 22nd in the country in 2019, will overtake the top two northern energy provinces Shanxi and Inner Mongolia to rank 20th in the country in 2020.
In terms of growth rate, the top eight provinces in terms of growth rate in 2020 are Tibet, Guizhou, Yunnan, Anhui, Hebei, Chongqing, Gansu, and Ningxia. The central and western regions dominate, especially the upper and middle reaches of the Yangtze. River.
Among them, Tibet ranks first in the country with a growth rate of 7.8%, and the growth rates of Guizhou and Yunnan have exceeded 4%.
Guizhou, a southwestern province, continued to highlight performance. Guizhou Bureau of Statistics statistics show that the province’s regional GDP in 2020 is 1,782,656 million yuan, an increase of 4.5% over the previous year at comparable prices, which is 2.2 points. percentage higher than the national growth rate, and is among the first in the country for 10 consecutive years.
Yunnan, also from the Southwest region, will complete a regional GDP of 2.452.190 billion yuan in 2020, a year-on-year increase of 4.0%, ranking third in the country.
Ye Qing said that Tibet and Yunnan-Guizhou are growing rapidly, but on the one hand they have a small base. On the other hand, these places are less affected by the epidemic and resume work and production quickly after the epidemic.
Peng Zhimin, a researcher at the Hubei Academy of Social Sciences, analyzed by China Business News that the overall development momentum of Yunnan and Guizhou has been relatively good in these years. On the other hand, Yunnan-Guizhou and other places are less affected by the epidemic, especially the tobacco, alcohol and agricultural specialty industries in Yunnan-Guizhou.
Taking Guizhou as an example, in 2020, the key industries in Guizhou will grow steadily. The province’s coal, electricity, tobacco and alcohol industries accounted for 64.0% of the province’s top industrial industries, and total added value increased by 5.1% over the previous year, contributing 64% , 5% to the industrial growth of the province above the designated size. Among them, the added value of the production of wine, beverages and refined tea increased 6.3% compared to the previous year.
In Yunnan, the development of characteristic agriculture on the Yunnan Plateau will accelerate in 2020, and the agricultural economy will grow against the trend. The total volume and growth rate have exceeded the level of the same period of the previous year. Percentage points, contributing 17.9% of GDP growth, a record in recent years. Agricultural products continue to be the province’s main export product and an important guarantee for the stable growth and development of the agricultural and rural economy.
Moreover, overall, the growth rates of the middle and upper reaches of the Yangtze River remain outstanding. Besides Yunnan and Guizhou, Anhui, Chongqing, Sichuan, Hunan, and Jiangxi are among the highest growth rates.
Ding Changfa, an associate professor in the Department of Economics at Xiamen University, said that most of the migrant workers in these places are in the province where they are located, and there are more jobs nearby. In February, employees at these locations returned Work faster Some migrant workers who originally worked in different provinces also stayed in the central and western regions Businesses resume work and production quickly.
Ding Changfa said that in recent years, as the overall cost of developed coastal areas such as the Yangtze River Delta and the Pearl River Delta has increased, many industries have moved to the central and western regions. The most advantageous areas in the central and western regions are the upper and middle reaches of the Yangtze River. These areas are rich in land, labor and water resources, and have made a large number of industrial transfers in the developed regions of the country. Yangtze River Delta and Pearl River Delta, so these areas have developed relatively quickly.
Taking the central province of Anhui as an example, according to data from the Anhui Cooperation Office, in 2020, the top five Anhui provinces and cities for investment funds are Jiangsu, Zhejiang, Guangdong, Shanghai and Beijing. The actual funds in place are 1.099.69 billion yuan, an increase of 15.8% year-on-year, accounting for 78% of the province’s share, an increase of 2.3 percentage points year-on-year. Shanghai, Jiangsu and Zhejiang invested in 3,493 projects under construction in Anhui with a total investment of 749.05 billion yuan, a year-on-year increase of 16.8%; which represents 53.1% of the province, a year-on-year increase of 1.9 percentage points.
In contrast, the places with the lowest growth rates, except Hubei, are mainly in heavy industrial and chemical provinces such as Inner Mongolia, Liaoning and Heilongjiang. In addition to the fact that these places are affected by the epidemic, factors such as industrial structure and institutional mechanisms are also responsible. Peng Zhimin said that the industrial structure of these places is dominated by a heavy structure. At the same time, in terms of institutional mechanisms, the private economy in these places is relatively inactive, which has also affected economic development.
Table 2: The real growth rate of each province in 2020
