iChongqing Title

Chongqing's GDP Exceeded RMB 2 Trillion, Grew by 6% in 2018

Jan 23,2019 ByCHEN YULINGICHONGQING

By Yuling Chen, iChongqing News

Chongqing-On January 22, 2019,  a press conference concerning Chongqing economic performance in 2018 took place in Chongqing, China. The municipal gross domestic production (GDP) exceeded RMB 2 trillion and grew by 6% year on year.

According to the Chongqing Municipal Bureau of Statistics, in 2018, Chongqing GDP reached about RMB 2.036 trillion, a year-on-year increase of 6.0%. To be specific, the primary industry realized an added value of RMB 137.827 billion with an increase of 4.4%, the secondary industry RMB 832.879 billion with an increase of 3.0%, and the tertiary industry  RMB 1.065 trillion with an increase of 9.1%.

Generally stable agricultural production and livestock production 

In 2018, the total output value of agriculture, forestry, animal husbandry and fishery in the city was RMB 205.24 billion, an increase of 4.8% year-on-year. The city’s grain crop output was 10.793 million tons, basically the same as the previous year. The number of pigs for sale was 17.582 million with an increase of 0.4%, poultry 213,492,000 with an increase of 0.2%, cattle and sheep 545,000 and 4.47 million, down by 2.2% and 0.4% respectively.

The industrial economic restructuring and outstanding contributions from emerging industries

In 2018, output growth of industries with annual revenue of RMB 20 million or more from their main business operations increased by 0.5% year-on-year. In terms of economic types, the added value of state-owned and state-owned holding companies fell by 7.7%, joint-stock enterprises increased by 3.3%, and foreign-invested enterprises from Hong Kong Special Administrative Region, Macao and Taiwan fell by 10.7%. In terms of three major categories, the added value of the mining industry fell by 13.1%, the manufacturing industry increased by 0.4%, and the electricity, gas and water production and supply industries increased by 8.0%. In the “6+1” main industries, the added value of the electronics manufacturing industry increased by 13.6%, the material industry increased by 11.0%, the chemical industry increased by 4.9%, the equipment manufacturing industry grew by 3.2%, the consumer goods industry increased by 1.9%, and the energy industry grew by 1.7%. The automobile manufacturing industry fell by 17.3%.

In the same year, the added value of the city’s high-tech industry increased by 13.7% year-on-year, and the contribution rate to industries with annual revenue of RMB 20 million was 411.7%. The added value of strategic emerging manufacturing increased by 13.1%, and the contribution rate to industrial growth above designated size was 495.2%, which was the main driving force for industrial economic growth. Among them, the new generation of information technology industry, bio-industry, new materials industry, high-end equipment manufacturing industry increased by 22.2%, 10.0%, 6.5% and 13.4% respectively.

 

The output of new products achieved rapid growth, including 33.0% for new energy vehicles, 59.4% for smartphones, 56.2% for LCD screens, 68.8% for industrial robots, 45.2% for wind turbines, and 74.1% for medical equipment and equipment.

The emerging service industry is developing relatively well

From January to November, the operating income of the above-scale service industry in the city increased by 13.5% year-on-year. The digital economy industry boosted the high-quality development of the service industry. As of the end of November, there were 633 service industry enterprises engaged in the digital economy industry-related business, accounting for 16.3% of the total number of service industries; from January to November, the operating income was RMB 86.165  billion, an increase of 16.1%. The development of science and technology service enterprises is relatively good. From January to November, the operating income of scientific research and technology service enterprises above designated size increased by 16.3%, and the operating profit increased by 25.1%.

 Market sales grew steadily, and online retail sales developed well

In 2018, the city’s total retail sales of consumer goods increased by 8.7% year-on-year. According to the location of the business unit, the retail sales of urban consumer goods increased by 8.5%; the retail sales of rural consumer goods increased by 11.2%. In terms of consumption types, retail sales increased by 8.1%, and catering revenue increased by 11.6%. Online retail sales developed well. The online retail sales of corporate enterprises above designated size increased by 28.6%, which was 19.9 percentage points higher than the total retail sales of social consumer goods. The proportion of retail sales of enterprises above designated size was 7.4%, an increase of 0.4 percentage points over the previous year.

Fixed assets investment grew steadily and private investment maintained vitality

In 2018, the city’s fixed asset investment increased by 7.0% year-on-year. In terms of industries, investment in the primary industry fell by 9.5%, investment in the secondary industry increased by 7.3%, and investment in the tertiary industry increased by 7.4%. In terms of sections, infrastructure investment increased by 11.5%, industrial investment increased by 7.3%, and real estate development investment increased by 6.8%. Private investment grew rapidly. The annual growth rate of private investment reached 12.8%. Private investment accounted for 54.9% of the city’s fixed asset investment, an increase of 0.3 percentage points over the previous year.

The real estate market developed steadily, and the sales area of commercial housing slightly fell

In 2018, the new construction area of commercial housing in the city was 73.8616 million square meters, a year-on-year increase of 30.0%, of which the newly started residential area was 51.452 million square meters, an increase of 36.9%. The sales area of commercial housing was 65.3625 million square meters, down by 2.6%, of which the residential sales area was 54.2476 million square meters, down by 0.5%. Commercial housing sales were RMB 527.27 billion, up by 15.7%, of which residential sales were RMB 444.287 billion, up by 23.4%.

Consumer prices have risen moderately and industrial producers’ prices have stabilized

In 2018, the total consumer price level of the city’s residents rose by 2.0% from the previous year. The prices of eight categories of goods and services rose across the board, including food, tobacco, alcohol, clothing, housing, household goods and services, transportation and communications, education, culture and entertainment, health care, other supplies and services. It rose by 1.4%, 1.5%, 2.8%, 1.7%, 0.1%, 3.0%, 5.7%, and 0.9%.

Last year, the factory price of industrial producers in the city rose by 2.1% year-on-year, and the purchase price rose by 2.5%.

 Foreign trade continued to grow, and processing trade supported noticeably for foreign trade growth

In 2018, the total import and export value of the city was RMB 522.262 billion, a year-on-year increase of 15.9%. Among them, export was RMB 339.528 billion, an increase of 17.7%; import was RMB 182.734 billion, an increase of 12.5%. The processing trade was RMB 263.24 billion, an increase of 26.9%, accounting for 50.4% of the city’s total foreign trade value in the same period, the proportion increased by 4.4 percentage points over the previous year. The import and export of general trade reached RMB 193.19 billion, an increase of 5.6%, accounting for 37.0%, and the proportion decreased by 3.6 percentage points. The import and export of bonded logistics reached RMB 63.685 billion, an increase of 10.6%, accounting for 12.2%, and the proportion decreased by 0.6 percentage points.

The fiscal revenue grew steadily and the income of residents increased steadily

In 2018, the city’s general public budget revenue was RMB 226.55 billion, a year-on-year increase of 0.6%. Among them, the tax revenue was RMB 160.30 billion, an increase of 8.6%.

In the same year, the per capita disposable income of all residents in Chongqing was 26,386 yuan, a year-on-year increase of 9.2%. Among them, the per capita disposable income of urban residents was 34,889 yuan, an increase of 8.4%; the per capita disposable income of rural permanent residents was 13,781 yuan, an increase of 9.0%.

The supply-side structural reform has been steadily advancing

The capacity utilization rate remained stable. In 2018, the utilization rate of industrial capacity above the city was 72.4%. The leverage ratio of industrial enterprises continued to decline. At the end of November, the asset-liability ratio of industrial enterprises above designated size was 58.3%, down 2.6 percentage points from the same period of the previous year. The operating efficiency of the company has increased. At the end of November, the turnover days of industrial finished products above designated size were 7.9 days, down 0.8 days from the same period of the previous year. In the area of people’s livelihood, efforts to strengthen areas of weakness were intensified. In 2018, the investment in the field of citizenship was RMB 350.594 billion, a year-on-year increase of 11.0%.

In the fourth quarter, the city’s industrial entrepreneurs expect a confidence index of 113.1, and the expected prosperity index is 114.5, indicating that entrepreneurs are full of confidence in the future industrial economy. From the perspective of large-scale industries, 26.3% of the manufacturing industry is “optimistic” about the overall operating conditions in the next quarter, which is 12.3 percentage points higher than the “not optimistic” expectation.

In general, the city’s economy performed within the proper range in 2018, and the foundation for supporting high-quality development is being laid. The kinetic energy of high-quality development is gathering, and the quality and efficiency of economic development are improving. At the same time, we must also see that the city’s economy has shifted from a high-speed growth phase to a high-quality development phase. It is in a critical period of supply-side structural reform, the transformation of development ways, and economic restructuring. The task of promoting high-quality development is still arduous.

Notes:

1. The regional GDP, the added value of industrial enterprises above designated size and the growth rate of their classification projects are calculated at comparable prices; other indicators, unless specified, are calculated at current prices and are nominal growth rates.

2. Industrial statistics above designated size are industrial enterprises with annual main business income of RMB 20 million and above.  

3. The total amount of retail sales of social consumer goods refers to wholesale enterprises (units) with an annual income of RMB 20 million or more, retail enterprises (units) of RMB 5 million or more, and accommodations and catering industry enterprises (units) of RMB 2 million and above.

4. The import and export data comes from Chongqing Customs; the RMB deposit and loan data come from the Chongqing Municipal Management Department of the People’s Bank of China.

5. Part of the data is due to rounding reasons, there are cases where the total and the total of the sub-items are not equal.

Source: CQNEWS

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