Analysts expect economic data for 2018 to reveal that the Chinese economy is host to a total of 17 cities with GDP’s in excess of one trillion yuan.
Official data indicates that 14 Chinese cities had GDP’s of over one trillion yuan in 2017, after Wuxi and Changsha joined their ranks.
Shanghai was the first Chinese city whose GDP breached the trillion yuan threshold back in 2006, followed by Beijing (2008) and Guangzhou (2010).
In 2011 Shenzhen, Chongqing, Tianjin and Suzhou all saw their GDP’s cross the trillion yuan line, followed by Chengdu and Wuhan in 2014, Hangzhou in 2015 and Nanjing and Qingdao in 2016.
According to a report from Zhongxin Jingwei (中新经纬) three Chinese cities are on track to see their GDP’s for 2018 exceed one trillion yuan, given their economic performance in 2017 and their growth targets for last year.
These include Ningbo, whose GDP was 984.21 billion yuan in 2017, Foshan, whose GDP was 954.96 billion yuan, and Zhengzhou, whose GDP was 913.02 billion yuan.
Foshan set a growth target of around 8% at the outset of 2018, while its economic figures for the first three quarters of the year pointed to YoY GDP growth of 6.2%.
In September the Zhengzhou municipal government forecast that it’s GDP would exceed 1 trillion yuan in 2018, for an average growth rate of around 9% over the past five years.
The Ningbo municipal government announced on 3 January at its economic work conference that it expects its GDP for 2018 to exceed 1 trillion yuan, total fiscal revenues to breach 250 billion yuan, and average per capita disposable incomes to exceed 50,000 yuan.
Shanghai is currently the wealthiest metropolis in China with a GDP in excess of 3 trillion yuan, while cities with GDP’s of over 2 trillion yuan include Beijing, Shenzhen and Guangzhou.
The Beijing municipal government announced in December that it expects the Chinese capital’s GDP for 2018 to exceed 3 trillion yuan, satisfying its full year YoY growth target of 6.5%.
The regional per capita GDP for 2018 is expected to exceed USD$20,000.