Chinese Provinces Report Nine-Month GDP Gains as Recovery Takes Hold
Zhang Yushuo
DATE:  Oct 30 2020
/ SOURCE:  Yicai
Chinese Provinces Report Nine-Month GDP Gains as Recovery Takes Hold Chinese Provinces Report Nine-Month GDP Gains as Recovery Takes Hold

(Yicai Global) Oct. 30 -- Most regions of China, the only major economy expected to grow this year, reported faster growth for the first three quarters.

Twenty-five out of 30 administrative regions that have so far reported their gross domestic product logged gains for the nine months ended September, the Paper reported today. Four saw GDP contract and Tianjin was flat. 

China's total GDP rose 0.7 percent to CNY72.28 trillion (USD10.77 trillion) from January to September amid the Covid-19 epidemic. In the third quarter, recovery was evident as the figure widened by 4.9 percent from a year ago.

China will likely be the only major country to notch up GDP growth this year, the International Monetary Fund predicted earlier this month.

The southern province of Guangdong and the eastern province of Jiangsu maintained their national lead. The GDP of manufacturing powerhouse Guangdong expanded 0.7 percent to CNY7.84 trillion (USD1.17 trillion), while Jiangsu's climbed 2.5 percent to CNY7.38 trillion.

The added value of eastern Shandong province rose 1.9 percent to CNY5.22 trillion, ranking it third, and that of eastern Zhejiang province, the home of e-commerce giant Alibaba Group Holding and fintech titan Ant Group, climbed 2.3 percent to CNY4.58 trillion.

The fastest growth was in western China's Tibet Autonomous Region which posted a 6.3 percent increase. The region was the only one that managed to expand its economy in the first quarter, the first half, and the first three quarters. 

The worst performers were northeastern provinces of Liaoning and Heilongjiang, the central province of Hubei, as well as the Inner Mongolia Autonomous Region. Hubei, where Wuhan is located, suffered the impact of the Covid-19 pandemic most severely as its GDP slumped 10.4 percent in the first three quarters.

China has a total of 34 administrative regions, including the province of Taiwan, as well as the Hong Kong Special Administrative Region and the Macau SAR. 

Editor: Emmi Laine

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Keywords:   GDP,GDP growth rate