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Analysis on Economic Status of Chongqing, 1H of 2008

1. Local GDP Grew by 15.2%.
According to the statistics released by Chongqing Statistics Bureau on July 22, Chongqing made a good performance in the first half: “expedited growth, increased profits, improved structure and balanced development”. This showed that Chongqing, despite the complicated international and domestic situation, kept favorable economic development under the direction of Scientific Development Concept.
2. Economic Growth Hit a New High.
Chongqing’s GDP amounted to RMB 210.476 billion in 1H, a y-o-y increase of 15.2%, an improvement of 1.3 percentage points over the first quarter and 4.9 percentage points over the last year, which hit a new high since it became the municipality city. The agricultural sector maintained rapid growth in spite of the frost and snow in the year beginning and the industrial sector became the major driver for the local economic growth. The industrial sector realized the added value of RMB 91.221 billion, a rise of 22.4%, which had a contribution rate of 59.2% to the local economic growth and stimulated the local economy to grow by 9 percentage points. The industrial output of enterprises above the designated size achieved overall increase in 38 sectors. In addition, the tertiary industry also remained in stable growth. Its added value accounted for nearly 40% of the GDP, which has a contribution rate of 33.7% to the GDP growth and has stimulated the local economy to grow by 5.2 percentage points.
3. Steady Improvement in Economic Returns
The rapid industrial economic growth has triggered rapid growth in economic returns. Enterprises above the designated size had achieved the profit of RMB 11.228 billion, a y-o-y increase of 47.1%, 26.2 percentage points higher than the national average level. It ranked the fifth among other cities in China, while the top four were Inner Mongolia, Jilin, Shanxi and Anhui. Chongqing has accomplished the labor productivity of RMB 136, 700 per capita and the comprehensive economic index of 190.5, which was the best up to now.
 
Table 3 Revenue of Chongqing in 1H, 2008
Item
Amount (in RMB millions)
Y-o-Y Increase (%)
Improvement
Local Government Revenue
46,057
43.1
2.6 percentage points
General Budgetary Revenue
29,024
47.8
24.9 percentage points
Tax Revenue
19,949
39.2
5.3 percentage points
 
4. Further Optimization of Economic Structure
The ratio of the three industries was 8.4:51.8:39.8, which indicated that the proportion of non-agricultural sector was as high as 91.6%, and the economic structure has been further optimized.
 
Table 4 Added Value of Three Industries
Item
Amount (in RMB millions)
Y-o-Y Increase (%)
Primary Industry
17,628
5.6
Second Industry
108,936
20
Tertiary Industry
83,912
11.7
 
5. More Balanced Development
As the “1-Hour Economic Circle” and “Two Wings Regions” (Northeastern Chongqing and Southeastern Chongqing) progressed steadily, the two areas kept the same rapid pace in economic development.
 
Table 5 GDP of “1-Hour Economic Circle” and “Two Wings Regions”
Regions
Item
1-Hour Economic Circle
Two Wings
Regional GDP (in RMB millions)
165,828
446.48
Y-o-Y Increase (%)
14.8
17
Proportion to GDP (%)
78.8
-
Improvement over 1-Hour Economic Circle
-
2.2 percentage points
 
25 of the 40 districts/counties achieved the GDP growth of 15% above and the top three were Chengkou, Pengshui and Fuling. Inaddition Jiulongpo, Yuzhong and Yubei also ranked the top three in their GDP.
 
Fig. 1 District with Highest GDP

   

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