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China’s ‘1 trillion RMB club’ now has 12 members

(People's Daily Online)    15:03, February 09, 2017

According to the latest data, the gross domestic products (GDP) of both Nanjing and Qingdao have broken the 1-trillion-RMB mark, granting them entry into the "1 trillion RMB club" and increasing the club's numbers from 10 to 12. The 12 cities have GDP totaling about $2.6 trillion, higher than France’s economic aggregate in 2016.

In 2006, Shanghai became the first Chinese city whose GDP exceeded 1 trillion RMB. From 2008 to 2010, the GDP of Beijing and Guangzhou successively exceeded 1 trillion RMB. In 2011, Shenzhen, Tianjin, Suzhou and Chongqing became members of the club. Wuhan and Chengdu joined their ranks in 2014. In 2015, Hangzhou's GDP also surpassed 1 trillion RMB. In 2016, Nanjing and Qingdao became the newest cities to boast that accomplishment.

Among the 12 cities, Shanghai and Beijing are in the first echelon in terms of economic aggregate. In 2016, Shanghai's GDP was 2.7 trillion RMB, and that of Beijing was 2.5 trillion. It took both cities roughly six years to double their GDP, since the cities passed their 1 trillion RMB marks in 2006 and 2008 respectively.

The growth rates of 11 cities on the list are higher than the national average. The sole exception is Beijing, whose growth rate is 6.7 percent. Among the cities, Chongqing reports the fastest growth rate, at 10.7 percent, followed by Hangzhou at 9.5 percent. The growth rates of Shenzhen and Tianjin stand at 9 percent, and the rest of the cities are growing at a rate below 9 percent.

Most of the 12 cities are located in the eastern or coastal regions of China. Only Chongqing, Chengdu and Wuhan are in the country's central and western regions, which is consistent with economic patterns in China.

In 2016, the GDP of both Changsha and Wuxi exceeded 900 billion RMB. Given the cities' relatively high growth rates, both are likely to become new members of the 1 trillion RMB club in one or two years. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Hongyu, Bianji)

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