Local governments release strong Q3 GDP data

Most Chinese local governments have released their GDP growth rate for the first three quarters of this year. Highlighting these results is that economic growth is ramping up in China's eastern area, which accounts for a large part of the country's economy.

In the first three quarters, Guangdong Province has seen its GDP grow by 7.9 percent year on year, half a percentage point higher than its figure for the first half. Local government officials attributed the accelerating growth to the increasing investments, stable consumption and recovering exports.

Li Chunhong, director of Guangdong Development & Reform Commission, said, "We are taking measures to further expand investments and encourage consumption. It's possible that Guangdong can achieve an 8.5 percent growth rate for the whole year."

Economic growth in Zhejiang Province is also picking up. GDP growth hit 7.7 percent in the first three quarters on a year on year basis, faster than in the first half. Since the second half of last year, Zhejiang provincial government issued a series of policies to support the real economy especially the smaller companies.

Zha Zhiqiang, researcher on regional economy of Zhejiang Academy of Social Science, said, "The policies to enlarge investments, encourage local businesses and support key projects are effective. We predict that GDP growth rate in Zhejiang will further rise in the fourth quarter."

The figure released by Jiangsu Province is also encouraging. Total output in this province increased by 10.1 percent in the first three quarters from the same period of last year. Investments have risen a lot this year, thanks to the strategy to boost emerging industries.

Liu Xingyuan, chief statistician of Jiangsu Statistics Bureau, said, "We have carried out policies to boost consumption and investments. We are also sparing no effort to promote industrial upgrade."

A total of 24 provinces, autonomous regions and municipalities have delivered economic growth above the national average in the first three quarters. North port city of Tianjin led the nation with 13.9 percent year-on-year GDP growth.