October 27, 2020

Over 70% provinces in China see economic growth in Q1-Q3

Over 70% provinces in China see economic growth in Q1-Q3

According to rough statistics, 27 provinces in China has recently announced the economic data in the first three quarters of this year.

23 of them have seen their economic growth turn positive, reported Shanghai Securities News on Tuesday.

The other four regions, Liaoning Province, Hubei Province and the Inner Mongolia Autonomous Region had negative while Tianjin Municipality had zero economic growth during this period.

The local economy shows a strong rebound, since the second half of the year, China’s local economy continues to pick up, according to statistics.

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So far 14 provinces in the country have achieved economic growth of or exceeding 2 per cent from January to September this year.

Southwest China’s Guizhou Province boasts the highest economic growth in the period, registering 3.2 per cent, and the province’s economic growth has ranked among the top in China for 39 consecutive quarters.

Gansu, Yunnan, Hunan, Jiangsu, Anhui, Jiangxi, Fujian, Sichuan, Zhejiang provinces, Chongqing Municipality, the Ningxia Hui Autonomous Region and the Xinjiang Uygur Autonomous Region each realized an economic growth above 2 per cent.

Most of these regions are located in central and western China and the Yangtze River Delta.

Overall, China’s local economy has posted a trend of steady and positive growth featuring sluggish development in the first quarter, rebound in the second quarter, and positive growth in the third quarter.

The Yangtze River Delta has seen full economic recovery; it was the first region to fully resume work and production during the COVID-19 pandemic, and the first region to start economic recovery.

After the release of the latest economic data, various localities have held meetings to arrange the economic work in the fourth quarter, focusing on stabilizing industrial development, expanding investment and consumption, among others.