China's regions report positive Q3 economic performance

China's economy performed well in the first three quarters of 2023, with recent data from local authorities of the country's 34 regions demonstrating high-quality and well-balanced growth.

Economic growth rate of more than half of all regions surpassed the national average of 5.2 percent in the first three quarters of this year, with the regional GDP of 13 provinces exceeding three trillion yuan ($410 billion). 

Notably, the GDP of Guangdong Province and Jiangsu Province both exceeded nine trillion yuan, ranking first and second nationwide at 9.6 trillion yuan and 9.3 trillion yuan respectively.

Economic growth of 11 provinces, municipalities and autonomous regions such as Sichuan, Hubei and Chongqing in the first three quarters was faster than their respective growth rates in the first half of the year. The economic growth rate in 12 regions – such as Zhejiang, Liaoning and Shanghai – surpassed the annual target set by each of them at the beginning of the year.

A majority of regions were also reporting signs of continued consolidation and consumption recovery. In the first three quarters, the total retail sales of consumer goods in 17 regions increased above the national total of 6.6 percent year on year. Meanwhile, Shanghai, Hainan and several other regions maintained double-digit growth for the same period.

Localities cultivating new growth drivers

Local authorities have leveraged their respective region's advantages, cultivated growth drivers in new economic fields, and developed new impetus for growth and development.

Zhejiang Province, located in southeastern China, was among the leading regions in terms of technological innovation, as seen in its output value rate of new major industrial products of 42.2 percent.

Industrial hub Guangdong has continued to increase its investment in new and emerging industries. In the first three quarters, the province's investment in high-tech manufacturing industry increased by 21.4 percent, and investment in advanced manufacturing increased by 18.8 percent, both significantly higher than total investments of the locality.

Jiangsu Province has continued to expand the size and scale of its advanced manufacturing industry this year. Compared to its total industrial output, output in its high-tech industries and industrial strategic emerging industries accounted for 49.8 percent and 41.3 percent respectively.

China's regional economies showing coordinated and balanced development 

In the first three quarters, the average economic growth rate in western China was 6.9 percent, outperforming the growth rate of eastern China which averaged 5.7 percent.

The economic growth rate of eight of the 10 regions of western China was faster than that of the whole country. Of note, the economic growth rates of Sichuan and Chongqing were relatively strong, at 6.5 percent and 5.6 percent in the first three quarters, respectively.

Formerly known as China's rust belt regions, both Jilin Province and Liaoning Province also grew faster than the national growth rate in the first three quarters of this year. In the first three quarters, Jilin saw its economic growth increase by 5.8 percent year on year. 

In the same period, the economic growth rate of Liaoning Province exceeded the national growth rate for the first time in 10 years, with a year-on-year increase of 5.3 percent.