Chongqing - Chongqing, an economic dynamo in China, continues to make strides. The city's regional GDP reached 1.43459 trillion yuan (about USD 200.12 billion) in the first half of 2023, marking an impressive year-on-year growth of 4.6%, according to the Chongqing Municipal Bureau of Statistics.
This economic prosperity reflects well across all sectors. The primary industry grew by 4.5%, reaching a total value of 68.633 billion yuan. The secondary industry saw a rise of 4.0%, amounting to 574.737 billion yuan. Furthermore, the tertiary industry witnessed a healthy 5.0% growth, topping at 791.225 billion yuan.
Chongqing held a press conference on July 20th to announce its strong economic performance for the first half of 2023. (Photo/Zou Le)
Revival in retail: consumer goods sales jump by 6.2%
The buoyant mood was particularly noticeable in the retail sector, with consumer goods sales surging by 6.2% year-on-year. Yang Hongyi, Deputy Director of the Chongqing Municipal Bureau of Statistics, attributed this spike to Chongqing's strategic policies that stimulated consumer spending in the wake of economic and social normalization.
Offline consumption in Chongqing showed a promising rebound, triggering a positive ripple effect in the overall consumer market. The first half of the year saw the total retail sales of consumer goods jump by 6.2% year-on-year, an improvement of 1.5 percentage points from the first quarter. A surge in retail sales was observed in June, boasting an impressive 10.2% growth.
A swift recovery was evident in the restaurant and catering sector, fuelled by the renewed vigor of inter-provincial tourism, business, and entertainment activities. The city's catering revenue rose by a significant 16.7% year-on-year in the first half of the year.
On the digital front, online consumption continued to evolve. Retail sales by wholesale and retail units outperformed expectations, growing by a considerable 30.8% year-on-year in the first half of the year.
These encouraging trends suggest an expanding consumer market in Chongqing, marked by innovative consumption patterns and the advent of new consumer models. This provides a robust platform for economic recovery.
With the ongoing implementation of supportive macroeconomic policies and a rise in market confidence, the consumer environment is expected to improve further, encouraging innovative consumption scenarios and maintaining the recovery momentum in the consumer market.
Rising stars: Emerging industries show potent growth
Yang Hongyi continued, emphasizing how the return to normal economic and social activities is yielding concrete results. As Chongqing experiences stable growth, an increase in job opportunities, and compelling price stabilization policies, their positive effects are becoming increasingly visible. Bolstered by a rise in production capabilities and a revitalized market demand, job security, and prices remain steadfast. Furthermore, the steady growth of residents' income contributes to overall improvements in the city's economic quality.
Crucially, emerging industries are not just keeping pace—they're surging ahead. Newer sectors have enjoyed robust growth, with fresh products making remarkable strides. For instance, the production of service robots has more than doubled, smartwatches have increased their presence by 54.0%, and industrial robots have grown by 22.8%.
Modern service sectors—including fields such as data transmission, software development, IT services, business leasing, research, and technology services—continue to consolidate their leading roles, contributing to a 2.6 percentage point rise in total revenue for the modern service industry from the start of the year to May.
Wrapping up the first half of 2023, Chongqing has showcased a sturdy economic performance marked by an increasingly vibrant consumer market. With a positive market outlook and unwavering policy support, Chongqing is poised to maintain its economic revival throughout the remainder of the year.