Hunan’s GDP Growth Tops in China
All the provinces and cities across China have released their latest GDP data in 2020. Among the top 10 major economic provinces in terms of GDP, Hunan’s economic growth rate reached 3.8%, 1.5 percentage points higher than the national average, ranking the first place.
Hunan achieved the fastest growth rate thanks to the coordinated development of the industries and the overall recovery of the market. Statistics showed that last year, Hunan’s primary, secondary, and tertiary industries increased by 3.7%, 4.7%, and 2.9% respectively year on year. This showed a good trend of overall stable agricultural production, rapid recovery of industrial production, and accelerated recovery of the service industry. All the industries have generally achieved an orderly recovery. By the end of 2020, all the industries had realized positive growth except for the accommodation and catering, transportation, and residential service industries. The added value of the information industry, a supporting one to Hunan’s industry, grew by 21% year on year. The added value of the financial industry, a backup to the service industry, increased by 8.3% year on year. Both of them contributed more than 20% to Hunan’s economic growth.
New technology braced for the economic growth. Last year, Hunan’s investment in high-tech industries increased by 35.1%, which was 28.8 percentage points higher than the national average. The added value of high-tech manufacturing industries above designated size increased by 16% year on year, which was 11.2 percentage points higher than the growth rate of all industries above designated size. The revenue growth rate of related service industries led by new technologies kept increasing. Between January and November, the operating income of the research and experimental development industry above designated size grew by 170%; the Internet and related services industry increased by 17%; and, the online retail sales up by 17.7%.
“New infrastructure” empowered highest growth rate. In 2020, hundreds of key projects including transportation, energy, water conservancy, information, and 5G base stations started construction in Hunan. “New infrastructure” has become a key area of investment and construction in Hunan. The Changsha Malanshan Video Cultural and Creative Industrial Park alone has seized the “digital opportunities” derived from the epidemic to arrange the “video plus” new business format, achieving revenue of 43.198 billion yuan and an growth rate of 13.53% year on year. It also introduced a group of leading enterprise projects such as iQiyi Central China headquarters.
The fastest growth rate brought broad space for economic transformation and upgrading of the province. In 2020, the contribution rates of the three industries in Hunan were 8.1%, 53.9%, and 38% respectively. The industrial contribution rate is 43.9%, which is the main driving force for economic growth. Regarding the industrial structure, the proportion of high-tech manufacturing with higher added value increased by 0.4%, while that of high-energy-consuming industries decreased by 0.6%, showing a clear trend towards mid-to-high end development. As for the industrial investment, the high-tech industries investment grew by 25.4% year on year, with sufficient potential for high-quality development.