With the recent release of core economic data for the first quarter of 2024 by Anhui Province, the economic “quarterly reports” for the three provinces and one city in the Yangtze River Delta region have all been completed. The Yangtze River Delta region, as one of China’s most prosperous economic zones, has a total area of about 358,000 square kilometers, encompassing Shanghai, Jiangsu, Zhejiang, and Anhui administrative regions. This area covers 41 cities at the prefecture level or above, and its economic output almost accounts for a quarter of the nation’s GDP.
Against this backdrop, the economic performance of the Yangtze River Delta region in the first quarter of this year has become a focal point of attention. Data shows that the region’s total GDP in the first quarter of 2024 reached 7,3549.46 billion yuan, an increase of 3,750.34 billion yuan compared to the same period in 2023, which was 69,799.12 billion yuan. According to data from the National Bureau of Statistics, the national GDP for the first quarter of 2024 was 29,6299 billion yuan, with an annual growth rate of 5.3%, and a 1.6% increase compared to the previous quarter. Accordingly, the Yangtze River Delta’s economic output accounts for about 24.82% of the country’s total, up from 24.49% in the same period last year, becoming a key force supporting the stable recovery of the national economy.
Analyzing the specific data of the four administrative regions:
- Shanghai’s GDP reached 11,098.46 billion yuan, with an economic growth rate of 5.0%.
- Jiangsu’s GDP was 31,020.4 billion yuan, with an economic growth rate of 6.2%, exceeding the 3 trillion yuan mark, and the growth rate increased by 0.4 percentage points from the same period last year.
- Zhejiang’s GDP reached 20,137 billion yuan, with a growth rate of 6.1%, surpassing the 2 trillion yuan mark for the first time, and the growth rate improved by 0.1 percentage points from the same period last year.
- Anhui’s GDP was 11,293.6 billion yuan, with an economic growth rate of 5.2%.
The performances of Jiangsu and Zhejiang are particularly noteworthy, with growth rates slightly above the national average of 5.3%, highlighting their strong resilience in economic development.
Jiangsu Province: Its economic performance in the first quarter was the most significant. The industrial distribution is as follows:
- The added value of the primary industry was 63.87 billion yuan, with a year-on-year growth of 3.1%.
- The added value of the secondary industry was 13,132.9 billion yuan, with a year-on-year growth of 7.5%, especially the added value of industries above a designated size increased by 9.5% annually, and equipment manufacturing industry rose by 9.6%.
- The added value of the tertiary industry was 17,248.8 billion yuan, with a year-on-year growth of 5.3%.
As a major industrial province, the scale of Jiangsu’s advanced manufacturing industry clusters approaches 70% of the industrial output. The 510 key projects set at the beginning of the year have provided robust economic momentum, and the implementation and reserves of these projects are the key to the economic success of the first quarter.
Zhejiang Province: Also noteworthy for its economic growth rate, broken down by industry:
- The primary industry added a value of 34.7 billion yuan, up by 3.9% year-on-year.
- The secondary industry added a value of 790.8 billion yuan, up by 7.3% year-on-year.
- The tertiary industry added a value of 1188.2 billion yuan, up by 5.5% year-on-year.
In Zhejiang Province, the added value of industries above designated size was slightly lower than that of Jiangsu Province, with a year-on-year growth of 8.2%. However, its private enterprises demonstrated a more vigorous growth momentum, with the added value of private enterprises in industries above designated size surging 9.3%, becoming the backbone of economic growth.
Anhui Province also had an outstanding economic performance in the first quarter of this year, slightly surpassing Shanghai in growth rate and achieving significant progress in the tertiary industry, including services. In detail, the primary industry added a value of 46.99 billion yuan, a year-on-year increase of 4.3%; the secondary industry reached 437.75 billion yuan, up by 7% year-on-year; the tertiary industry added a value of 644.62 billion yuan, up by 4.1% year-on-year. Particularly worth mentioning are Anhui’s electronic information industry and automobile industry, which grew by 36.5% and 12.5% year-on-year, respectively. With the automobile industry as a provincial focus, its outstanding performance in the main industrial products was especially prominent; vehicle production soared by 35% and the growth of new energy vehicles even reached 45%, showing strong market vitality.
Although Shanghai’s economic growth rate for the first quarter of this year was 5.0%, behind the provinces of Jiangsu, Zhejiang, and Anhui, it also performed well in industry growth. Among them, the primary industry added a value of 1.954 billion yuan, a year-on-year surge of 10.9%; the secondary industry reached 238.724 billion yuan, up by 2.2% year-on-year; the tertiary industry added a value of 869.168 billion yuan, up by 5.8% year-on-year. Particularly in the investment field, Shanghai demonstrated its strength as the economic leader of the Yangtze River Delta, with the total investment in fixed assets up by 9.2% year-on-year, ranking at the forefront and surpassing Jiangsu’s 4.9%, Zhejiang’s 6.9%, and Anhui’s 6.3%. Moreover, in manufacturing investment, backed by projects such as high-end chip research and semiconductor materials, Shanghai achieved a growth of 13.4%, highlighting its strength in technological innovation.
In the economic changes of the cities in the Yangtze River Delta region in the first quarter of this year, 26 cities made it into the “Top 100 Domestic GDP Cities,” and including Shanghai, Suzhou, Hangzhou, Nanjing, and other cities, 10 cities remained in the “Top 10 Domestic GDP Cities.” Apart from Wenzhou, the other nine cities also became members of the “Trillion Yuan City Club” in 2023. However, unexpectedly in GDP performance, Nantong’s performance surprisingly surpassed that of Hefei. Hefei has been praised for many years, but faced with the downward pressure of the real estate market, Nantong’s economy also faced challenges. In 2023, Hefei’s GDP was 1.27 trillion yuan, while Nantong’s was 1.18 trillion yuan. However, by the first quarter of this year, Hefei’s GDP was 277.21 billion yuan, up by 4.6% year-on-year, while Nantong’s GDP was 298.22 billion yuan, a significant increase of 7.2% year-on-year, overtaking Hefei. Therefore, Nantong city boosted its economic growth momentum significantly by focusing on emerging high-tech industries and exports, and its GDP in the first quarter even surpassed Changzhou’s 226.92 billion yuan, making its leading advantage even more pronounced.
The economic scale of Hefei has a certain competitiveness nationwide, yet according to official data analysis, its economic growth seems less than ideal. Reported figures indicate an economic increase of only 82.52 billion yuan, with a nominal growth rate of merely 3.03%, ranking near the bottom in terms of economic growth speed among the top ten cities of the Yangtze River Delta. Confronting the dual pressures of rapidly developing industry and accelerating urbanization, Hefei’s performance is passable within the province, but seems to lack vitality compared to other economically strong cities in the Yangtze River Delta, especially in the areas of technology and talent reserves where further efforts are needed.
With the support from the capital city of Anhui province, it’s anticipated that Hefei will achieve new breakthroughs and usher in development surprises. Speaking of the economic centers in the Yangtze River Delta, one must pay attention to two important cities, Suzhou and Hangzhou, both boasting robust manufacturing bases. In the first quarter of 2024, Suzhou’s GDP reached 554.9 billion yuan, with an increase of 36.236 billion yuan, and a year-on-year growth of 7.9%, ranking second in the region. During the same period, Hangzhou’s GDP amounted to 511.2 billion yuan, with an increase of 38.903 billion yuan, and a year-on-year growth of 5.1%. Despite Hangzhou’s slightly lower economic volume compared to Suzhou, under the development strategy of the provincial capital, Hangzhou’s development momentum is strong, with a nominal growth rate surpassing Suzhou, promising huge potential for the future.
Ningbo and Wuxi, as two major cities in Zhejiang and Jiangsu, respectively, compete against each other. In the first quarter of 2024, Ningbo’s GDP was 399.22 billion yuan, with an increase of 19.044 billion yuan, and a nominal growth rate of 5.01%; Wuxi’s GDP was 358.427 billion yuan, with an increase of 19.248 billion yuan, and a nominal growth rate of 5.67%, slightly behind Ningbo, but the competition between the two cities is fierce.
Wenzhou, as a well-known populous city in the Yangtze River Delta approaching a mega-city status with a permanent population close to ten million, saw its GDP at 212.52 billion yuan in the first quarter of this year, with an increase of 12.35 billion yuan, successfully surpassing Xuzhou and ranking tenth in the region. Its rapidly developing electrical industry is the main driver behind Wenzhou’s economic growth and has become one of the largest electrical industry manufacturing bases in the country.
The integration of the Yangtze River Delta is exemplified in the layout of the new energy vehicle industry, where inter-provincial division of labor is clear and stable, forming the characteristics of a modern industrial system – a “4-hour industrial circle.” For instance, the design of a new energy vehicle is completed in Shanghai, necessary software and testing – “the vehicle’s brain” – provided by Yongkang in Zhejiang, with components from Xuancheng in Anhui, power batteries from Changzhou in Jiangsu, finally assembled in Nanjing, Jiangsu. This vehicle could be directly sent to a logistics warehouse in the Yangtze River Delta for sale or transported to Shanghai Port for export to overseas markets.
The Yangtze River Delta region is strengthening cooperation in the field of science and technology, and relying on the G60 Science and Technology Corridor, this area is rapidly advancing the layout plan for new digital infrastructure. Statistics show that by the end of February this year, Shanghai, Jiangsu, Zhejiang, and Anhui had cumulatively built more than 680,000 5G base stations. These base stations are gradually constructing a nationwide integrated computing power network, with the Yangtze River Delta serving as a key hub, providing strong computing support for the whole country.
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