21 of China’s 33 province-level administrative entities have released GDP data for the third quarter of 2017, pointing to the predominant role of southern coastal provinces in the national economy.
Both Guangdong and Jiangsu province saw their GDP for the first three quarters of 2017 rise above the 6 trillion yuan threshold (approx. $USD900 billion), while Guangdong province alone accounted for 10.6% of China’s national GDP across the period, with output of 6.48 trillion yuan.
Data released by provinces further indicates that a total of 18 provinces beat out the nationwide GDP growth rate of 6.9% for the first three quarters.
Growth was led by the south-western provinces of Guizhou and Chongqing, whose GDP for the first three quarters increased 10.1% and 10% respectively compared to the same period last year.
The modest-sized inland province of Guizhou has been one China top three provinces in terms of GDP performance for the past 27 quarters, maintaining growth above 10% for the past 14 years.
Most of the top ten provinces in terms of GDP growth are situated in China’s inland mid-west, where development lags behind the affluent coastal areas. These provinces included Anhui, Henan, Jiangxi, Sichuan, Shaanxi and Yunnan, all of which saw GDP growth of over 8% for the first three quarters.
In sharp contrast the vast Beijing-Tianjin-Hebei conurbation, which jointly accounted for 10% of China’s GDP for 2016, posted the lowest growth levels for the first three quarters.
Beijing and Tianjin saw growth of 6.8% and 6.7% respectively, while Tianjin’s growth eased from 6.9% for the first half to just 6% for the first three quarters.
Despite the strong performance in terms of official GDP data posted by most of China’s province-level administrative entities, many local government have expressed concern about pressure on growth from “uncertain factors,” and flagged continued rapid growth in fixed asset investment.
Sichuan province, for example, recently convened a televised phone conference in relation to fourth quarter economic work, indicating that it would vigorously expand private investment and maintain investment growth.
Fujian province has indicated that it will expand investment in industrial fixed assets, with a focus on driving projects in the the electric vehicle, hi-tech display, electronic communications, intelligent equipment and new materials sectors.