Guangdong biggest in GDP volume
February 27, 2017 Category Macro-economy, Weekly
Guangdong province continued to lead the country in provincial GDP volume in 2016 at CNY7.95 trillion.This is the 28th consecutive year that Guangdong’s GDP volume was the largest in China. If the province was a country, its economy would be the 15th largest in the world. Nine provinces posted economic output of over CNY3 trillion in 2016. Guangdong province led in GDP volume and Tibet in GDP growth at 11.5%. But Liaoning province reported a -2.5% GDP growth last year compared to the previous year, with its economic output declining by 23.3% to about CNY2.2 trillion, dropping from the 10th largest to 14th in the country. This is partly due to the falsification of figures for previous years. The province began to improve data accuracy in 2015, when revenue contracted by 33.4% on an annual basis, the People’s Daily reported. Experts said that China’s northeastern provinces, including Heilongjiang, Liaoning and Jilin, have been “experiencing pain” during the economic transformation, as overcapacity remains, especially in key industries like coal and steel. Local governments should upgrade traditional industries and create new economic drivers by nurturing rising industries, including electric vehicles, robotics, drones and big data, analysts said. Economic growth in three provinces in Southwest China made strides in 2016. Aside from Tibet’s 11.5% GDP growth, Chongqing Municipality and Guizhou Province reported a 10.7% and 10.5% growth, respectively, the Global Times reports.
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