(Yicai) April 24 -- Eight of the 11 major Chinese provinces that have released their first-quarter gross domestic product data, including Hubei, Anhui, and Shandong, recorded growth exceeding the national average of 5.4 percent.

Central China's Hubei led the group with the highest growth rate of 6.3 percent, followed by Anhui at 6.2 percent. Shandong and Zhejiang each posted a 6 percent increase, according to the latest regional data. Jiangsu, Henan, Fujian, and Sichuan also surpassed the national average.

Hubei’s strong performance was driven by increased consumption and foreign trade. In the first three months of the year, the province—known for its automotive and steel industries—reported total retail sales of consumer goods of CNY688.7 billion (USD94.4 billion), a year-on-year rise of 7.3 percent, up from 5.1 percent a year ago. Total imports and exports reached CNY174.3 billion, a 17 percent increase. Exports surged 22 percent to CNY124.6 billion, while imports rose 4 percent to CNY49.7 billion (USD6.8 billion).

In addition to the eight provinces with higher-than-usual growth, the group of 11 major regions with annual GDPs exceeding CNY5 trillion (USD685 billion) also includes Guangdong, Shanghai, and Hunan. Collectively, these 11 provinces accounted for about 60 percent of China’s total GDP last year.

Guangdong Underperforms

Nine of the 11 regions met or exceeded their growth targets set earlier this year. However, Guangdong, China’s largest provincial economy, underperformed with a growth rate of 4.1 percent—below its 5 percent target. Hunan, ranked 10th, recorded 5.4 percent growth, slightly below its 5.5 percent projection.

In January, local governments announced their annual GDP targets. Hubei aims for around 6 percent growth, followed by Sichuan and Anhui with targets above 5.5 percent. Zhejiang, Henan, and Hunan are aiming for around 5.5 percent, while Fujian set a range of 5 to 5.5 percent. Jiangsu and Shandong expect growth above 5 percent. Guangdong and Shanghai have targets of around 5 percent.

Lin Jiang, an economics professor at Lingnan College of Sun Yat-sen University, told Yicai that while Guangdong’s 4.1 percent growth falls short of its annual target, it still represents a 0.6 percentage point improvement over last year. Given the province’s large economic scale, the growth remains meaningful.

Guangdong’s economy was weighed down by a continued real estate downturn. Investment in local real estate development plummeted over 15 percent in the first quarter, while fixed-asset investment declined more than 6 percent. However, the province’s total imports and exports reached CNY2.14 trillion, a 4.2 percent increase—surpassing the national average of 1.3 percent.

In terms of GDP rankings by value, Shanghai rose to ninth place, up from 11th. Hunan fell from ninth to 10th, and Anhui dropped from 10th to 11th. Meanwhile, Sichuan climbed to fifth place, and Henan slipped to sixth.

Editor: Emmi Laine