Jilin province leads Q1 GDP growth in China

The first-quarter GDP figures for 2024 across 31 provinces and regions in China have been released, revealing new trends and changes in the country's economic landscape.

China's GDP grew by 5.3 percent year-on-year in the first quarter, with 16 provinces and regions outpacing the national growth rate.

Among these, Jilin province takes the lead with a growth rate of 6.5 percent, surpassing the national average by 1.2 percentage points. Other regions with GDP growth rates above 6 percent include Jiangsu and Chongqing (both at 6.2 percent), Zhejiang, Sichuan, and Hubei (all at 6.1 percent), as well as Shandong and Beijing (both at 6 percent).

The robust performance of Jilin's industrial sector, especially the automotive industry, played a significant role in this accelerated growth. Jilin saw a 9.5 percent year-on-year increase in the value added from its secondary industry in the first quarter, surpassing the national average by 3.5 percentage points. This was notably driven by a 10.1 percent growth in the automotive sector.

Sales of locally-produced vehicles under Jilin's jurisdiction increased by 22.1 percent and 27.3 percent, with the Hongqi brand witnessing remarkable growth rates of 77.8 percent and 64.3 percent respectively.

With its capital city, Changchun, as a key hub, Jilin's economy accelerated in the first quarter, showcasing its growing prominence in China's economic landscape. Additionally, the province experienced a net inflow of 43,400 people in 2023, marking the first positive net inflow trend in nearly 13 years.