(Yicai) Jan. 27 -- Guangdong province’s gross domestic product topped CNY14 trillion (USD1.9 trillion) in 2024, a new record for the country and cementing its position as China’s top economic powerhouse. Southeastern Zhejiang province, central Hubei province, eastern Anhui province and the Xinjiang Uyghur Autonomous Region also achieved all-time highs.

Guangdong maintained its position as the Chinese province with the biggest economy for the 36th consecutive year, with GDP of CNY14.1 trillion (USD1.9 trillion), according to the economic data recently released by all 31 of China’s provincial-level regions. The southern province’s economy has surpassed CNY10 trillion (USD1.3 trillion) each year for the past five years.

Eastern Jiangsu province ranked second with GDP of CNY13.7 trillion (USD1.8 trillion), rising by CNY608.4 billion (USD83.7 billion) year-on-year. Eastern Shandong province came third with CNY9.8 trillion (USD1.3 trillion), while Zhejiang province followed with CNY9 trillion (USD1.2 trillion).

Altogether 11 provincial-level regions including southwestern Sichuan province, southeastern Fujian province, the city of Shanghai, Anhui province as well as central Hunan, Henan and Hubei provinces all had GDP of more than CNY5 trillion (USD688 billion) and together they contributed 64 percent of the national economic output.

Seven provinces and municipalities, including Beijing, northern Hebei province, northwestern Shaanxi province and Liaoning in the northeast, had GDP ranging from CNY3 trillion (USD413 billion) to CNY5 trillion. Nine regions, such as Guangxi Zhuang Autonomous Region, the municipality of Tianjin and northeastern Heilongjiang province, had GDP between CNY1 trillion (USD138 billion) and CNY3 trillion.

Only Hainan province in the south, Ningxia Hui Autonomous Region, western Qinghai province and the Xizang Autonomous Region had economies under CNY1 trillion.

Xizang and Xinjiang logged the fastest growth at 6.3 percent and 6.1 percent from the year before respectively. Chongqing, Inner Mongolia Autonomous Region and western Gansu province also saw substantial growth of 5.7 percent and 5.8 percent, but their overall economies are relatively small. Due to the low share of manufacturing, the GDP growth rates of southwestern Yunnan province, Guangxi, and Qinghai were below the national average.

There was particularly strong growth in the economically developed eastern provinces, and especially within the Yangtze River Delta region, thanks to robust development in manufacturing, foreign trade and consumption. Jiangsu and Anhui's GDP expanded 5.8 percent from the previous year, Zhejiang's by 5.5 percent and Shanghai's by 5 percent. Together their GDP amounted to CNY32.7 trillion (USD4.5 trillion).

2025 Goals

Most provinces with big economies have set economic growth goals of 5 percent or higher for this year, according to the government work reports released during the recent regional Two Sessions, which are annual meetings of different regions' political and legislative advisory bodies.

Guangdong is aiming for growth of around 5 percent, while Jiangsu and Shandong have set targets of more than 5 percent. Zhejiang and Henan have given a growth forecast of around 5.5 percent while Sichuan in the southwest is aiming for more than 5.5 percent.

Xizang is the most ambitious with a GDP growth target of above 7 percent and it will even strive to reach 8 percent, it said. Hainan province in the south has set a growth target of above 6 percent while Chongqing, Xinjiang, Hubei and Inner Mongolia have all fixed goals of around 6 percent.

Editor: Kim Taylor