Hunan Province Achieves Over 2.29 Trillion Yuan of GDP in H1

2022-07-18

On July 17th, the Information Office of the People's Government of Hunan Province held a press conference on Hunan's economic and social development in the first half of 2022 (H1). According to the unified accounting results of regional GDP, the provincial GDP was more than 2.29 trillion yuan in H1, a year-on-year increase of 4.3%. Among them, the added value of the primary, secondary, and tertiary industries grew by 6.1%, 5.3%, and 3.3%, respectively.

In the first half of this year, Hunan Province had coordinated epidemic prevention and control and economic and social development; promoted the "Three Major Supports and Eight Key Points" work; implemented a package of policies and measures to stabilize the economy; and carried out the "10,000 cadres liaising with 10,000 enterprises" action. The impact of policies on the economy was leveraged quickly; the provincial production demands rebounded steadily; the new drivers for development continued to increase; the social development and the people's livelihood kept improving; and, the economy generally registered stable performance with good momentum for growth. As a result, half of the annual targets have been over fulfilled in H1, and Hunan has made positive contributions to stabilizing the national economic growth.

The industrial operation remained stable. Agriculture grew steadily, with the added value of provincial agriculture, forestry, animal husbandry, and fisheries up 6.0% yearly. The industry rose steadily, with the added value of large-scale provincial industries increasing by 7.4%. The service industry saw a steady recovery, with the revenue of service enterprises above the designated size reaching 220.622 billion yuan between January and May, an increase of 9.6%.

Market demand was steadily recovered. In the first half of the year, Hunan's investment in fixed assets soared by 8.7%, and major projects were progressing smoothly. As a result, the provincial total retail sales of consumer goods were 902.93 billion yuan, an increase of 1.5%.

"Three Hubs" construction was steadily advanced. The advanced manufacturing industry recorded robust growth in H1, with the added value of the provincial manufacturing industry up 6.3% year on year. The scientific and technological innovation registered solid progress, with the provincial total recognized and registered technology contracts and the investment in high-tech industries increasing by 60.5% and 19.8%, respectively. Hunan's opening up activity reported a solid pace of expansion, with the total import and export volume reaching 325.542 billion yuan, a growth rate of 25.2%.

Market vitality was effectively stimulated. During the year's first half, private investment increased by 11.2%, 2.5 percentage points faster than the total investment. Hunan's market entities grew by 20.4%. The enterprises' cost per 100 yuan of operating revenue was effectively lowered thanks to a new package of tax-and-fee reduction policies.

Social security and the people's well-being were firmly guaranteed. In the first half of the year, Hunan's fiscal expenditures in healthcare, agriculture, forestry, water conservancy, education, and other fields all achieved double-digit growth, and 21 of 22 key livelihood projects of 10 categories accomplished more than half of the annual targets in H1.

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

Translator: Yu Jiangjiang

Chinese source: hunan.gov.cn