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Economy

Local growth data paints positive picture of real economy

1
2016-07-27 08:51Xinhua Editor: Gu Liping

China reported steady economic growth in the first half (H1) of 2016, and a closer look at the performance of different provinces really shines a light on the world's second largest economy.

Some 26 provinces, regions and municipalities have released their H1 GDP data, with the western regions of Chongqing, Tibet and Guizhou all reporting growth rates above 10 percent. Moreover, 21 of the provinces, regions and municipalities saw GDP growth exceeding the country's 6.7 percent for the same period.

BRIGHT SPOT

Emerging industries become increasingly important to local economies as economic restructuring enhances growth quality.

Chongqing Municipality, which has reported eye-catching growth speed for the past ten quarters, shared the fastest growth of 10.6 percent with Tibet in H1.

The added value of the city's ten strategic emerging sectors like new materials, robotics and electronics, grew 24.8 percent in the first half, or 14.6 percentage points higher than the city's industrial growth rate. Still, they have robust growth prospects.

"Although the added value of emerging industries accounts for only 15 percent of the whole industrial added value, their contribution to industrial growth was 28.3 percent," said Zhang Fumin, deputy head of Chongqing Municipal Bureau of Statistics.

The heavily polluted province of Hebei in the north, also made progress in structural reform and posted 6.6 percent growth for the period.

Raw coal output fell by 8.8 percent and the production of glass also dropped by 4.5 percent in the first half, according to Hebei Provincial Bureau of Statistics.

The proportion of the equipment manufacturing sector's added value in Hebei's industrial added value surpassed that of the iron and steel industries for the first time in H1, reaching 25.3 percent, according to an official with the bureau.

Hebei aims to further cut its excessive iron and steel capacity by 17 million tonnes and 14 million tonnes respectively this year.

Business startups are booming nationwide, thanks to the "Internet Plus" program, various innovation strategies and administration streamlining.

  

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