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A Comparative View of Chongqing's Growth Rate of Industrial Added Value, 2008

Chongqing's industries in 2008 maintained fast growth in added value which is as high as 21.6% year-on-year despite slowed monthly economic indicators, some enterprises facing great challenge, dropped output and profitability, and increasing uncertainties and difficulties due a variety of macro factors including natural disasters, influence of the global financial crisis and imbalanced economic growth composition, and the notably shrinking Chinese real economy.
I.     Chongqing vs. the Whole Country
The monthly growth rate of the national industrial added value varied greatly in 2008, falling from 17.8% in March to 5.4% in November, the lowest since 1994 which representing an 11.9 percentage point drop on a year-on-year basis. The rate reflects the comprehensive operational conditions of enterprises, which hit the new low, implying “winter hibernation” of the macro-economy.
Compared with the whole country, the situation of Chongqing features two points:
First, the influence of the financial crisis is yet to exert. While the industries from a national point of view have witnessed significant slowdown since last July, the industries of Chongqing only slowed down slightly due to due to low dependency on foreign trade. However, the industries slowed down in a faster speed in the fourth quarter. The growth of industries above designated scale in added value dropped 4.7 and 8.1 percentage points respectively in October and December month-on-month. See Figure 1 for more details.
Second, Chongqing outperforms the whole country in development potential.  The growth of industries above designated scale in added value is much faster than the national level in all months of the year. The growth rate reached its peak in last May which was 27.7% and its bottom in November which was 9.8% before bouncing back to 12.1% in December.
Figure 1 Monthly Growth of Industrial Added Value: the Chongqing Rate vs. the National Rate 2008, in %
Source: Website of National Bureau of Statistics

 
Chongqing is less affected by the financial crisis despite Chongqing's sharing the same U-shaped trend with the whole country as a result of the crisis. Chongqing maintained a growth rate 8 percentage points higher than the national rate and top five growth engines of the country. See Figure 2 for more details.

Figure 2 Aggregate Growth of Industrial Added Value: the Chongqing Rate vs. the National Rate 2008, in %

Source: Website of National Bureau of Statistics
II.   Chongqing vs. Certain Provinces and Municipalities in East, Central and West China
Comparatively speaking, Chongqing maintained in 2008 a stable growth. The ranking of Chongqing's aggregate growth rate among 12 provinces and municipalities in West China increases 2 levels year-on-year. See Figure 3 for the comparison between Chongqing and Inner Mongolia, Sichuan and Guizhou.

Figure 3 Aggregate Growth of Industrial Added Value: Chongqing vs. Three Provinces in West China, in %

Source: Website of National Bureau of Statistics
Compared with provinces and autonomous regions in central China which includes Shanxi, Jilin, Heilongjiang, Anhui, Jianxi, Henan, Hubei and Hunan, Chongqing maintained its leading position. Only the growth rate of Anhui is close to that of Chongqing. See Figure 4 for details.

Figure 4 Aggregate Growth of Industrial Added Value: Chongqing vs. Shanxi, Anhui and Hubei, in %

Source: Website of National Bureau of Statistics

Compared with East China, the coastal areas which comprise three most developed regions of China (the Bohai Ring, the Yangtze Delta and the Pearl River Delta), Chongqing maintained large margin over provinces and municipalities of the region which are more impeded by the crisis except Tianjin which achieved stable growth. See Figure 5.
Figure 5 Aggregate Growth of Industrial Added Value: Chongqing vs. Tianjin, Zhejiang and Guangdong, in %

Source: Website of National Bureau of Statistics
   

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