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New growth momentum stimulates regional economy

Updated: Nov 14,2016 11:47 AM Daily

The first three quarters’ economic data released by 29 provincial level regions by Nov 8 show steady economic performance, which experts say indicates that supply-side reform is effective, with new growth momentum taking shape and contributing to the development of regional economy.

In the first three quarters, Shanxi, China’s leading coal-producing province, slashed coal production capacity by 16.1 percent year-on-year. Meanwhile, Shandong province has completed its target of cutting 2.7 million tons of crude iron and steel, respectively, and shutting down coal production capacity of up to 13.3 million tons.

In terms of destocking the housing inventory, by the end of September, the commercial housing sales area in Hunan province fell 3.6 percent year-on-year, and in Henan province was reduced 3.62 million square meters from last month.

Meanwhile, in the first three quarters, Zhejiang province, Guizhou province, and Gansu province have reported progress in reducing enterprise leverage, cutting enterprise costs and improving the weak link, respectively.

China is on track for an economic transformation, and the shift from old to new growth drivers is gaining momentum. In Jiangsu province, new driving forces represented by “internet plus” related new industries and formats, shared economy and digital economy have sprung up.

In the first three quarters, sales revenue of these emerging industries in Jiangsu saw a 10.5 percent increase year-on-year, among which hi-tech products such as industrial robots, smartphones, and new energy vehicles posted a growth rate of more than 50 percent.

The growth of new momentums in Guizhou province is also flourishing. In the first 8 months of the year, the internet and related services revenue of the province’s service industry saw an increase of 212.9 percent.

The added value of Hunan province’s high-tech industry increased by 15.9 percent during the period, of which emerging sectors, including resources and environmental technology, electronic information technology, and high-tech services, reached 28 percent, 26.8 percent and 24.2 percent, respectively.