A number of cities in China with GDP’s at the trillion yuan threshold or above remained the same in 2022 as compared to 2021, as the Chinese economy grappled with a renewed round of Civid-Related lockdowns and heightened geopolitical tensions with the US.
Official data indicates that a total of 24 Chinese cities were part of the “trillion yuan GDP club” in 2022, including Shanghai, Beijing, Shenzhen, Chongqing, Guangzhou, Suzhou, Chengdu, Wuhan, Hangzhou, Nanjing, Tianjin, Ningbo, Qingdao, Wuxi, Changsha, Zhengzhou, Foshan, Fuzhou, Quanzhou, Jinan, Hefei , Xi’an, Nantong and Dongguan.
The two municipalities directly under the central government – Shanghai and Beijing, form an upper-most echelon of the two richest cities, with GDP’s of 4.46528 trillion yuan and 4.16109 trillion yuan respectively.
Shenzhen is the only city in the the 3 – 4 trillion yuan range with a GDP of 3.238768 trillion yuan, while four cities occupy a third echelon with GDP’s of between 2 – 3 trillion yuan, including Chongqing (2.912903 trillion yuan), Guangzhou (2.8839 trillion yuan), Suzhou (2.39583 billion yuan) and Chengdu (2.08175 billion yuan).
The remaining 17 cities on the list all have GDP’s of between 1 to 2 trillion yuan.
In terms of geographical distribution, the pattern of greater affluence in eastern China is pronounced. Officials data shows that out of China’s 24 trillion yuan cities, only 7 cities are in the central and western part of China (Zhengzhou, Hefei, Wuhan, Changsha, Chongqing, Chengdu and Xi’an), while the remaining 17 cities are all in the eastern coastal areas, accounting for more than 70%.
While there were no new additions to the “Trillion Yuan Club” list in 2022 compared to 2021, the ranking underwent significant change. Chongqing surpassed Guangzhou for the first time, with its GDP ranked fourth out of cities in mainland China. This also marks the first time that a city in China’s west has entered the ranks of economic “first-tier cities”.
Out of China’s top ten cities in terms of GDP, Wuhan also overtook Hangzhou to grab the eighth spot on the list.
Liu Xiangdong (刘向东), deputy director of the Economic Research Department of the China International Economic Exchange Center, said to Securities Daily that the economic development of Chongqing and Wuhan is primarily dependent upon investment and industrial growth, while the economic growth of cities such as Guangzhou and Hangzhou is mainly reliant on the growth of the consumption and service sector.
In 2022 Guangzhou’s economy was dragged down by slower investment growth, causing its overall performance to fall short of expectations.