Chongqing- Southwest China's Chongqing Municipality has marked a significant economic milestone in 2023, with its gross domestic product (GDP) growing by 6.1% from the previous year, reaching 3.01 trillion yuan ($419.08 billion). This growth, exceeding the national average by 0.9 percentage points, reflects the city's strong economic vitality and consistent development trajectory, as highlighted in a press conference on January 19.
With these figures, Chongqing has secured its position as the third city in western China to achieve a GDP surpassing 3 trillion yuan. It stands as the fourth to reach this significant economic milestone among China's megacities.
Chongqing's GDP soared by 6.1% in 2023, reaching 3.01 trillion yuan. (Graphic/ Zheng Ran)
Chongqing's agriculture production remained steady in 2023. (Graphic/ Zheng Ran)
Chongqing's industrial production experienced steady growth in 2023. (Graphic/ Zheng Ran)
Chongqing's service industry showed continued improvement in 2023. (Graphic/ Zheng Ran)
The Chongqing consumer market maintained its recovery trajectory in 2023. (Graphic/ Zheng Ran)
Chongqing's fixed asset investment progressed smoothly in 2023. (Graphic/ Zheng Ran)
In 2023, Chongqing's consumer prices remained generally stable. (Graphic/ Zheng Ran)
Chongqing's resident income showed steady improvement in 2023. (Graphic/ Zheng Ran)
Zhang Binghua, director of the Chongqing Municipal Bureau of Statistics, said that 2023 witnessed the introduction of various initiatives by the Chongqing government to revitalize consumption and stimulate business vitality. The consumer market saw positive trends, with popular restaurants experiencing long queues and scenic spots like Hongyadong drawing crowds. These efforts helped revive the city's "hustle and bustle" atmosphere.
Zhang also revealed the 2023 economic figures. The city's total retail sales of consumer goods reached 1.51 trillion yuan, marking an 8.6% increase and surpassing the national average by 1.4 percentage points. Noteworthy gains included a 20.6% rise in catering revenue, significant growth in travel-related goods sales, and a remarkable 67.7% surge in new energy vehicle (NEV) sales.
Besides, data shows Chongqing's sustained growth in production and demand. Chongqing's industrial added value grew from 6.0% in the first quarter to 6.6% for the year. The service industry's operating income rose from 4.6% to 9.2%, and consumer goods sales grew from 4.7% to 8.6%.
Zhang highlighted ongoing innovation in the city's industrial structure. The "33618" modern manufacturing cluster spurred a 9.3% growth in the automobile industry's value-added, a key contributor to overall industrial growth. The New Energy Vehicle (NEV) industry achieved a historic milestone, producing 503,300 vehicles. Notably, the materials and electronics sectors, especially in intelligent consumer equipment, experienced significant growth.
Additionally, investments in growing sectors like aerospace, pharmaceutical manufacturing, and R&D services have surged. The high-tech industry investment in the city increased by 12.7%, constituting 29.2% of the overall investment growth. High-value-added new industrial products, including service robots and smartwatches, also experienced swift growth, rising by 59.1% and 44.6%, respectively.
Another factor in the buoyant consumer market is improved residents' income and stable market prices. Residents' per capita disposable income reached 37,595 yuan in 2023, a 5.4% increase from the previous year. The market price remained stable, with a CPI decrease of 0.3%. At the same time, the consumption of new businesses, particularly online retail and catering, continued to grow dynamically.