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Western areas still leading way on growth

By Xin Zhiming in Beijing and Qiu Quanlin in Guangzhou | China Daily | Updated: 2018-12-04 09:21
Visitors at the China International Big Data Industry Expo 2018 in Guiyang, Guizhou province. [Photo/Xinhua]

Expansion eases in provinces undergoing restructuring

A company in Guangdong province whose main business is selling electrical appliances made from a traditional type of porcelain has decided to increase its market presence through the use of new technology.

A new cooker produced by Guangdong Jians Yili Electrical Appliances that uses internally circulated steam and infrared technology is able to help reduce cholesterol in food, the company said.

It has an interior made of red porcelain, known as zisha in Chinese. The porcelain is rich in minerals that can break down fat in food as it cooks, helping to reduce cholesterol, officials said.

"Making an electrical appliance such as a cooker able to improve health through the introduction of innovative technology is of great importance in boosting our business," said Shi Zehua, chairman of Zhuhai HMH Industry Investment, an investor in the electrical appliance manufacturer.

Guangdong Jians Yili is one of many private enterprises driving the shift in the development focus of the province, a major southern economic hub.

Guangdong has the country's largest local economy. Its GDP exceeded 7 trillion yuan ($1.02 trillion) in the first three quarters of this year and could top 9 trillion yuan for the year - about the same as the GDP of Spain, which ranked 14th globally last year.

But Guangdong's growth rate has eased as it undergoes restructuring.

Other traditional Chinese economic powerhouses, mainly in eastern areas, have had a similar growth trajectory, as seen from third-quarter data released by provincial statistical bureaus, which provide a close look at the performances of different regions.

Western areas continued to lead in terms of economic expansion, with Yunnan province in Southwest China taking first place with year-on-year GDP growth of 9.1 percent, followed by Guizhou province and the Tibet autonomous region, both at 9 percent.

All 31 provinces, autonomous regions and municipalities have released their GDP figures.

Sixteen reported growth higher than the national rate, which was 6.7 percent in the first nine months; 13 registered growth lower than 6.7 percent; while the growth rate in Beijing and Jiangsu province was the same as the national figure.

Eastern restructuring

Eastern areas, which have traditionally led economic growth, have seen this ease in recent years as more emphasis has been placed on economic restructuring to strengthen their competitive edge and achieve more-sustainable development. This has seen the arrival of new growth drivers, such as the digital economy.

For example, in Zhejiang province, output in the digital economy rose by 14.8 percent in the first three quarters, much faster than the province's overall GDP growth.

In Beijing, new economy growth, such as that from information technology and the internet, reached 13.6 percent in the first three quarters, accounting for one-third of the municipality's GDP.

The capital's heavy investment in research and development is a major factor behind its prospering economy. Although it ranked 12th in terms of GDP scale among all the provinces, autonomous regions and municipalities, it was one of the top five in terms of investment in research and development.

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