Chongqing—On January 20, the Chongqing Municipal Bureau of Statistics revealed key 2024 economic data, marking a milestone with a regional GDP of 3.22 trillion yuan ($440.14 billion) and a per capita GDP surpassing 100,000 yuan for the first time. Chongqing is now the ninth province in China to reach this milestone.

Chongqing's regional GDP reached 3.22 trillion yuan, up 5.7% year-on-year. (Graphic/Zheng Ran)

Agricultural production remained stable in 2024. (Graphic/Zheng Ran)

Industrial production saw robust growth, driven by the expansion of emerging products. (Graphic/Zheng Ran)

The service sector remained upward, particularly in the internet and software industries. (Graphic/Zheng Ran)

The consumer market in Chongqing continued to develop steadily, with new consumption drivers gaining momentum. (Graphic/Zheng Ran)

Fixed asset investment in the city remained stable, with industrial investment providing significant support. (Graphic/Zheng Ran)

Consumer prices remained stable, with the CPI rising 0.2% year-on-year. (Graphic/Zheng Ran)

Resident income in Chongqing grew steadily, and employment remained stable. (Graphic/Zheng Ran)

"Two key drivers fueled the city's economic growth. First, the new energy vehicle (NEV) sector led industrial development, contributing 4.9 percentage points to the city's industrial growth. NEV production surged by 90.5% year-on-year, reaching 953,200 units," said Xue Jian, director of the supervision and evaluation department of Chongqing Municipal Bureau of Statistics.

"Another is the internet and software industries continued to power the service sector's growth, with revenues up 21.1% year-on-year from January to November, significantly higher than the city average," Xue added.

New economic channels and growth drivers also played a crucial role. The New International Land-Sea Trade Corridor (ILSTC) saw a 41% increase in container volume to 2,51.8 thousand TEUs, with trade value rising 67% to 46.7 billion yuan. 

Additionally, strategic emerging industries in manufacturing grew by 12.3% year-on-year, while digital services in the service sector saw explosive growth, with digital content services increasing 5.2 times.

Furthermore, innovative consumption models, such as membership-based warehouses and "Pangdonglai"-style supermarkets, emerged as new growth points in the retail market. Digital consumption also thrived, with online retail sales of goods by large-scale wholesale and retail units rising 15.9% year over year.

Li Chuan, director of the trade department of the Chongqing Municipal Bureau of Statistics, noted that improved market supply and policies promoting green and intelligent consumption spurred rapid growth in smart appliances, smartphones, and wearable devices. The city's NEV market also performed strongly, with retail sales up 24.9% year-on-year and NEVs accounting for 41.2% of total automotive retail sales.