The GDP Growth Rate of SW China’s Chongqing Runs 1.5% Higher than the National Level

Chongqing- The overall economic operation is generally stable in the first half of 2022 in Southwest China's Chongqing Municipality, and the gross domestic product (GDP) growth rate is 1.5 percentage points higher than the national level, said Yang Hongyi, deputy director of Chongqing Municipal Bureau of Statistics on July 19. 

Despite the severe international environment, China maintained stable economic growth with a gross domestic product of 53,216.7 billion yuan (about 7891.71 billion U.S. dollars) in the first half of the year, according to the National Bureau of Statistics.

With the overall improvement of the epidemic prevention and control situation, the country's production demand has gradually recovered, and the economy has generally been running within a reasonable range. 

GRP increased by 4% year on year

Yang released Chongqing's economic performance in the first half of 2022 at the press conference on July 19. Chongqing achieved a gross regional product (GRP) of 1,351.164 billion yuan (about 200.243 billion U.S. dollars) in the year's first half, with a year-on-year increase of 4.0%. The primary, secondary, and tertiary sectors achieved added value of 62.792 billion yuan, 555.050 billion yuan, and 733.322 billion yuan, going up 5.8%, 5.4%, and 2.8%, respectively.

Chongqing economic statistics in the first half of 2022. (iChongqing/ Chen Zhan)

Chongqing's industrial added value grew 6.3% year on year. Among the city's 39 industry categories, 28 saw year-on-year growth in added value with an industry growth rate of 71.8%. The five pillar industries of automobile and motorcycle, electronics, equipment, materials, and consumer goods all achieved economic growth. Among them, cars and consumer goods grew by 9.1% and 8.0%, respectively, contributing 20.8% and 22.8% to industrial development. 

Chongqing is a typical industrial city, and the automobile sector is the top priority and one of the pillars of Chongqing's economy. With the most significant auto manufacturers in the country, Chongqing has more than 20 vehicle manufacturers, such as Changan, Sokon, and Lifan. For example, Chongqing Sokon Industry Group Stock Co., Ltd. exported 21,102 vehicles in the first five months of 2022, attaining a year-on-year growth of 133%. Among them, 2,525 electric cars were exported, an increase of 939.1% yearly. Electric vehicles have now spread to South Korea, France, Turkey, Singapore, the United Kingdom, Germany, and other countries.

Chongqing economic statistics in the first half of 2022. (iChongqing/ Chen Zhan)

From January to May, Chongqing, service industry enterprises, operating income was 204.185 billion yuan (about 30.26 billion U.S. dollars), with a year-on-year increase of 3.5%. The Internet and related services business income increased by 25.5% yearly.

Chongqing economic statistics in the first half of 2022. (iChongqing/ Chen Zhan)

Chongqing's total retail sales of consumer goods amounted to 696.633 billion yuan (about 103.241 billion U.S. dollars), going up 1.1% yearly. The city's consumer prices rose 1.4% year on year.

Chongqing economic statistics in the first half of 2022. (iChongqing/ Chen Zhan)

The per capita disposable income of all residents in Chongqing was 18,923 yuan (about 2804 U.S. dollars) in the first half of the year, with a year-on-year increase of 6.4%. Chongqing added 400,700 new jobs in urban areas, and the average unemployment rate in the urban survey was 5.4%.

Chongqing economic statistics in the first half of 2022. (iChongqing/ Chen Zhan)

Infrastructure investment contributed 35.1% to the total 

Data shows that in the first half of the year, Chongqing's fixed asset investment increased by 6.9% year on year, with 0.8 percentage points higher than the national growth rate. With the related policy issuance, Chongqing's investment scale and structure continue to expand and optimize, said Yang. 

Chongqing's infrastructure investment grew by 9.2% in the first half of the year, contributing 35.1% to the total investment growth. Among them, Chongqing's industrial advantage is evident, with the city's industrial investment growth rate of 12.4%. 

Among the city's eight fast-growing industries, the industry investment in automobile, pharmaceutical, consumer goods, and energy increased by 33.6%, 34.1%, 17.8%, and 16.9%, respectively. 

From structure, investment in high-tech sectors, industry, infrastructure, and people's livelihood has formed strong support for the stable operation of the city's investment. Yang said, in the next stage, it is necessary to accelerate the significant infrastructure and critical investment projects' construction to boost high-quality economic development. 

(Ge Rongchen, as an intern, also contributed to this report.)