The Hunan Statistics Bureau released the data of Hunan's economic situations on April 19. The data showed that, in the first quarter this year, Hunan’s GDP reached 1,105.816 billion CNY, making a year-on-year growth of 6%.
 
Facing complicated development circumstances both in and outside of China, Hunan Province has thoroughly implemented the orientations and tasks of the “Three Hubs and Four New Missions” Strategy, and coordinated epidemic prevention and control and economic and social development. In the first quarter, Hunan's economy showed a good start with stable growth, laying a foundation for the fulfillment of annual goals.

Hunan's major economic indicators were in line with projected targets in the first quarter, which can be seen in the following aspects:

-- The major indicators remained stable and saw a moderate increase. The added value of agricultural, forestry, husbandry, and fishery sectors rose by 8.4%; that of the industrial enterprises over the designated size grew by 9.5%; that of the service industry increased by 5%; and, the fixed asset investment up 10.4%.

-- The structure of Hunan's economy has been optimized. The industrial structure upgrading accelerated. The added value of manufacturing industry accounted for 28.2% of the province's GDP, 1.3 percentage points higher than the previous year. The investments in manufacturing and hi-tech industries saw a growth of 23.6% and 19.1% 

-- The economy picked up steadily. Innovative development showed a good momentum, with the added value of hi-tech industry increasing by 15.7% year on year. Financial supports to market participants have been enhanced. Revenues and expenditures in the provincial general public budgets respectively rose by 5.1% and 11%.
 
-- Progress has been made in people's livelihood. Every effort has been made to promote the multiplication of market entities. In the first quarter, the number of newly-registered market entities increased by 39.3% over the previous year. Employment maintained stable. Consumer price held steady. The per capita disposable income of residents rose by 6.8%. Ten key projects related to people’s livelihood have progressed as scheduled.

This article is from the Hunan Provincial Government www.enghunan.gov.cn.

Translator: Pang Yuehui

Chinese source: hunan.gov.cn