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Hunan’s GDP Grows 7.8 pct in 2018

Updated: 2019-01-25

The Hunan Provincial People’s Government Information Office announced on January 23 that, according to the Provincial Statistics Bureau, Hunan attained GDP of about 3642.6 billion CNY last year, up 7.8%. The growth rate is 1.2 percentage point higher than the national average.

The economy registered a stable performance with good momentum for growth. In 2018, agricultural production performed stably, with high yield in grain production, and stable pig breeding. Industrial production grew steadily and moderately, with petroleum processing, electronic information, and automobile manufacturing contributed the most. Service sector maintained a good momentum for growth, with modern services flourishing and financial market operating steadily.

In terms of demand growth, investment maintained a stable increase. Private investment and industrial investment accelerated markedly. Consumption contributed more to economic growth. Imports and exports grew rapidly.

The pace of economic structural adjustment has accelerated. The value created by the service sector hit 50% of GDP for the first time, and contribute 55.1% of economic growth. Industrial structure continued to be optimized, and efforts have been made in accelerating equipment manufacturing industry development. High-standard hi-tech manufacturing and processing sectors achieved sound development. The added value created by the six high energy-consuming industries fell to less than 30% of GDP. Investment structure has been improved. Consumption upgraded, with modern consuming modes flourishing, such as online shopping.

Economic performance has been improved. The "three tough battles" of controlling risks, reducing poverty and tackling pollution saw effective results. The government debt construction projects and the medium and long term expenditure shrank. Some 1.3 million poor rural residents were lifted out of poverty. Environmental quality has improved notably. Fiscal and tax quality were elevated, with about 484.3 billion CNY of provincial general public budget revenue completed, up 6.05%. Non-tax incomes reduced by 9.77%, taking a smaller proportion in local fiscal revenue. The supply-side structural reform has been pushed ahead, with the five priority tasks (cutting overcapacity, destocking, deleveraging, reducing costs and identifying growth areas) being fulfilled efficiently.

Hunan’s economy grew while people’s livelihood improved. Employment and commodity price maintained stable, and residents’ income was above the provincial GDP. The governmental increased investment in people’s wellbeing, with 12 key tasks completed, including dilapidated rural house renovation; guaranteeing safe drinking water; highway improvement; and, shantytown renovation in urban areas.

Source: enghunan.gov.cn