Chongqing’s GDP Surpasses Guangzhou’s in First Half of 2020
The latest round of regional GDP data indicates that the economic output of the central Chinese mega-city of Chongqing surpassed that of Guangzhou in the first half of 2020.
The Guangdong-province capital of Guangzhou released its GDP figures on 27 July, pointing to first half GDP of 1.096829 trillion yuan, for a YoY decline of 2.7%.
By contrast Chongqing’s GDP for the first half was 1.120983 trillion yuan, for a YoY rise of 0.8%, making it the fourth largest municipal economy in China.
Chongqing authorities said that the reason for the positive reading despite the economic impacts of COVID-19 was efforts to encourage investment projects and drive cross-border trade, as well as a re-warming of the tech sector, manufacturing sector, finance and logistics.
The first half GDP of Wuhan – where COVID-19 first emerged in China – fell by 19.5% YoY, although local authorities have yet to provide more detailed data.