At least 23 provincial-level regions in China unveiled the gross domestic product (GDP) growth for the third quarter of this year as of Monday, while 14 of them reported faster GDP growth in the first three quarters than in the first half year, five of them stayed unchanged, and four regions grew slower.
In view of rebounds in a number of indicators, an increasing number of institutes inclined to believe that China's economy will stabilize and bottom out at the final quarter of this year at the soonest. Chongqing municipality, Guizhou province and Tianjin municipality ranked the top three in terms of GDP growth in the first three quarters, while the growth rates of Chongqing and Guizhou were at 11 percent and 10.8 percent, respectively, making them the only two regions with two-digit GDP growth.
Although the top two regions are in the west, the central Chinese provinces showed brilliant performance. Except Shanxi, Jiangxi, Hubei, Hunan, Anhui and Henan provinces have all disclosed the data and reported faster GDP growth in the first three quarters than in the first half year.
Impacted by unexpected export decline, some east Chinese regions grew slower in the third quarter, but Guangdong province reported an 8.3 percent GDP growth in the third quarter and a 7.9 percent GDP growth in the first three quarters, representing an increase of 0.2 percentage points from the first half year. Guangdong's GDP growth ascended quarter by quarter since the beginning of this year.
Although the GDP growth in Beijing and Shanghai municipalities stayed low, the quality of GDP growth has improved. Wang Jian, head of Shanghai Bureau of Statistics said although the industrial added value of Shanghai dropped faster than expected, the municipality's economic structure optimized further.
In the first three quarters, the tertiary industrial value added took up a 67.6 percent share in Shanghai's total, up 0.5 percentage points than in the first half year.
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