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The "semi-annual reports" on the economies of 31 provinces across the country have been released recently. More than half of the provinces have achieved growth rates that have outperformed the national level, but there has been some differentiation in economic performance.Overall, the economy is operating smoothly and making steady progress.

Economically powerful provinces take the lead

13 provinces exceeded 2 trillion yuan

In the first half of 2024, a total of 13 provinces will have a GDP of more than 2 trillion yuan.They are Guangdong, Jiangsu, Shandong, Zhejiang, Henan, Sichuan, Hubei, Fujian, Hunan, Anhui, Shanghai, Beijing and Hebei.

Economically developed provinces bravely took on the responsibility and played a key role in stabilizing growthsupporteffect.In the first half of the year, Guangdong and Jiangsu remained in the "6 trillion yuan club". Guangdong achieved a regional GDP of 6524.25 billion yuan, continuing to rank first in the country, accounting for 10.6% of the national economic total during the same period. Jiangsu ranked second with a GDP of 6332.63 billion yuan. Shandong (4667.7 billion yuan), Zhejiang (4092 billion yuan), Henan (3123.144 billion yuan), and Sichuan (2946.33 billion yuan) ranked third to sixth. The regional GDP of the six major economic provinces of Guangdong, Jiangsu, Shandong, Zhejiang, Henan, and Sichuan accounted for about 45% of the national total.

It is worth mentioning that in the first half of the year,With a regional GDP of 4,092 billion yuan, Zhejiang has joined the "4 trillion yuan club".Calculated at constant prices, the year-on-year growth was 5.6%.

The growth rate of 16 provinces exceeded the national line

Inner Mongolia ranks first in China with a growth rate of 6.2%

According to the preliminary calculation results of the National Bureau of Statistics,In the first half of 2024, the GDP reached 61,683.6 billion yuan, an increase of 5.0% year-on-year at constant prices.

Under this overall growth level, the GDP growth rate of 16 provinces exceeded the national average.These regions are Inner Mongolia, Chongqing, Tibet, Jiangsu, Shandong, Hubei, Gansu, Jilin, Zhejiang, Fujian, Sichuan, Beijing, Xinjiang, Anhui, Guizhou, and Ningxia. The GDP growth rates of Hebei and Liaoning are consistent with the national average.

Inner Mongolia led the way with a growth rate of 6.2%, once again setting a record higher than the national average for the same period.Chongqing and Tibet tied for second place with a growth rate of 6.1%. Jiangsu, Shandong, Hubei and Gansu all grew by 5.8%, Jilin grew by 5.7%, Zhejiang and Fujian grew by 5.6%, Sichuan, Beijing and Xinjiang grew by 5.4%, Anhui and Guizhou grew by 5.3%, and Ningxia grew by 5.1%.

Inner Mongolia uses new energy to drive new industries

Industrial production achieved rapid growth

According to the unified calculation results of regional GDP, the regional GDP of Inner Mongolia in the first half of the year was 1,168.3 billion yuan, a year-on-year increase of 6.2% at constant prices. In terms of industries, the added value of the primary industry was 38.7 billion yuan, a year-on-year increase of 5.1%; the added value of the secondary industry was 599.2 billion yuan, an increase of 8.2%; and the added value of the tertiary industry was 530.4 billion yuan, an increase of 4.7%. Among them,The added value of industrial enterprises above designated size in Inner Mongolia increased by 7.5% year-on-year, 0.4 percentage points faster than in the first quarter.

Since the beginning of this year, Inner Mongolia has adhered to the thinking of the entire industrial chain, giving full play to the traction and driving role of new energy, focusing on the development and construction of new energy on the one hand, and the development of related supporting industries such as new energy equipment manufacturing, operation and maintenance services on the other hand. The development of the new energy industry has made rapid progress.

As of the end of May this year, the region's total installed capacity of new energy reached 101.58 million kilowatts, accounting for 45% of the total installed capacity of electricity, an increase of 7.3 percentage points year-on-year, making it the first province in the country with a total installed capacity of new energy exceeding 100 million kilowatts.Inner Mongolia uses new energy to drive new industries and strives to recreate an "Industrial Inner Mongolia" in the field of new energy.

How to develop the economy in the second half of the year?

Stable growth and reform go hand in hand

According to media reports, some experts said that in the first half of the year, economic growth in various parts of my country diverged, and the tasks of stabilizing growth and reform and development in the second half of the year were relatively heavy, which urgently required all regions to continue to increase the intensity of macroeconomic policies, and to continue to exert more efforts. Accelerate the full implementation of the determined policy measures, speed up the issuance and use of special bonds, make good use of ultra-long-term special government bonds, and promote the "two heavy" and "two new" with greater efforts, and continue to play the role of a major economic province. At the same time, focus on boosting consumption to expand domestic demand, enhance the vitality of business entities, stabilize market expectations, enhance social confidence, and promptly launch a number of reform measures that are mature, tangible and accessible, cultivate and expand emerging industries and future industries, and promote stable growth, structural adjustment, and risk prevention.

Source: China Macroeconomic Network Comprehensive