China’s provincial-level regions report 2024 GDP growth, bolstering national economic confidence

Chinese provincial-level regions have begun releasing their 2024 economic results. Despite multiple challenges, some major economic provinces continued to lead the way, while some others reached new milestones, strengthening confidence in China's GDP growth for the year.

As one of China's economic powerhouses, East China's Zhejiang Province revealed on Tuesday that its GDP grew by approximately 5.5 percent in 2024, successfully achieving its key economic and social development targets.

This accomplishment highlights Zhejiang's commitment of leading from the front as an economic heavyweight, playing a pivotal role in driving and supporting broader national growth, Liu Jie, acting governor of the province, said in his government work report.

Among the achievements the province made in 2024, 1,299 major projects received investment totaling 1.4 trillion yuan ($191 billion), achieving an investment completion rate of 129.6 percent. Zhejiang also ensured a steady industrial performance and optimized its industrial structure, making significant progress in developing global advanced manufacturing bases. Four new national advanced manufacturing clusters were added, bringing the total to eight.

Beijing also released its economic report for the past year on Tuesday. In his government work report, Mayor Yin Yong disclosed that the city's GDP was estimated to have grown by approximately 5.2 percent.

In the past year, Beijing's economy made steady progress. The city's general public budget revenue was up by 3.1 percent, and per capita disposable income was projected to have risen by about 4.5 percent, Yin said.

Another economic and industrial powerhouse, East China's Shandong Province, previously disclosed that its GDP was approaching the 10 trillion yuan mark in 2024, positioning the province to become the third in the country to reach this milestone, local media reported.

Shanghai previously revealed that its GDP was set to exceed 5 trillion yuan in 2024, making it the first city in China to reach this milestone, domestic news site thepaper.cn reported.

According to preliminary data, the economy of Wuhan in Central China's Hubei Province is expected to have surpassed 2.1 trillion yuan, Kunming in Southwest China's Yunnan Province was on track to reach 800 billion yuan, and the county-level cities of Jiangyin and Kunshan in East China's Jiangsu Province both exceeded 500 billion yuan.

"Some provinces and cities achieved results exceeding expectations in 2024, laying a solid foundation for national economic growth," Cong Yi, a professor at the Tianjin School of Administration, told the Global Times on Tuesday.

These regions share several key characteristics in their outperformance, such as significant progress in industrial restructuring and upgrading. They have sought to shift from an element-driven approach to an innovation-driven model, fostering new quality productive forces tailored to local conditions. Not only is the direction right, but the results are also clear and widely recognized, Cong said.

Undoubtedly, the current economic situation faces multiple internal and external risks and challenges. However, the strong performance of various regions proves that we have successfully withstood downward pressure. New sources of growth and emerging business models continue to emerge, Cong noted.

Since the start of 2024, China's economy has made a steady recovery despite fluctuations, with an estimated growth rate of about 5 percent for the year, Pan Gongsheng, governor of the People's Bank of China, the country's central bank, said at the 18th Asian Financial Forum held in the Hong Kong Special Administrative Region on Monday.

China's economy boasts strong innovation capabilities, a vast market, a complete industrial system, robust infrastructure and abundant, high-quality human resources. In 2025, the world looks to China to provide significant growth momentum and stability. China will respond to global expectations with responsibility and determination, continuing to serve as a crucial engine for global economic growth, Pan said.