The economic performance of various Chinese provinces in 2023 has been a topic of conversation as the “two sessions” are currently underway in different locations. According to a report from Times Finance, 29 provinces have already announced their economic performance for the year, with 15 provinces recording GDP growth rates higher than the national average.
Tibet and Hainan emerged as leaders in economic growth, with growth rates of 9.5% and 9.2% respectively. Meanwhile, Heilongjiang lagged behind with a growth rate of 2.6% among the provinces that have released data. The growth of several provinces, including Guangdong, Shandong, Sichuan, and Hunan, is expected to reach a new level in 2023, with major economic provinces such as Jiangsu, Shandong, and Zhejiang shouldering the burden of growth.
As the provinces released their report cards for 2023, many of them also set growth targets for 2024. Analysis from Times Finance indicates that 14 provinces have set their economic growth targets at around 5.5% or above for 2024, with more than half of them having achieved their respective growth targets set in early 2023.
A major reshuffle has been observed in the top ten provinces, with Sichuan unexpectedly climbing into the top five, displacing Henan from its position. Hubei Province’s data is yet to be released, leading to a tie-break situation between Hubei and Fujian provinces for seventh place.
Importantly, the growth champions in 2023 were Tibet, with a GDP exceeding 230 billion yuan and Inner Mongolia, which posted an impressive 7.3% growth rate. Hainan, buoyed by the policy dividends of the Hainan Free Trade Port, also experienced significant growth, despite lower fixed asset investment.
Lastly, while many provinces have announced economic growth targets for the New Year, it is evident that several have either raised or lowered their targets for 2024. The repositioning of provinces in terms of economic growth performance and targets showcases the dynamic nature of China’s provincial economies and the strategic decisions being made to drive growth.
The content has been published by Times Finance, with the author listed as Wang Chenting. The article carries a disclaimer that it is published to disseminate information and does not constitute investment advice.