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Changsha’s GDP Up 8.5% in 2018

Updated: 2019-01-09

On the morning of January 8, 2019, the 4th session of the 15th Changsha Municipal People’s Congress opened.

Mayor Hu Zhongxiong made a government work report. He announced that, in 2018, Changsha’s GDP grew by 8.5%; added value of industrial enterprises above a designated size increased by 7.6%; fixed-asset investment up 11.5%; total retail sales of consumer goods up 10%; general public budget revenue rose by 10.09%; and, per capita disposable income of all residents grew by 8.6%.

In 2017, Changsha achieved a GDP of 1053.6 billion CNY, an increase of 9% over the previous year. It became the second city in central China, and the fourth in central and western China with a GDP exceeding one trillion CNY.

Hu pointed out that, the main targets for Changsha’s economic and social development in 2019 are:
-Regional GDP to grow by 8%;
-Fixed-asset investment to grow by 10%;
-Total retail sales of consumer goods to rise by 10%;
-Local general public budget revenue to increase by 8%;
-Research and development expenditure to constitute more than 2.8% of GDP;
-Investment in industrial projects to account for more than 45% of fixed-asset investment; and, investment in manufacturing (including high-tech service industries) to account for 35% of fixed-asset investment;
-Energy consumption per unit of GDP to reduce by 2%;
-Ratio of tax in the fiscal revenue, and emission reduction to achieve the provincial target;
-Per capita disposable income of all residents to rise by 8%;
-Registered urban unemployment rate to be kept within 4%;
-Consumer Price Index (CPI) to be around 103.

Translator: Kuang Zhenzhen
Chinese source: thepaper.cn