On the afternoon of August 18, the Publicity Department of the CPC Hunan Provincial Committee held a press conference on promoting high-quality economic development. Zhou Haibing, director of the Hunan Provincial Development and Reform Commission, said that since the 18th CPC National Congress in 2012, high-quality development has become a salient feature of Hunan Province, and the province's economic aggregate has continued to grow. Hunan's GDP has jumped from 2 trillion yuan in 2012 to 4 trillion yuan in 2020. This year, it is expected to reach a new level of 5 trillion yuan. The province's per capita GDP exceeded 10,000 US dollars, doubling that of 2012.

The development environment is improving. Hunan has furthered reforms to streamline administration and delegate power, improve regulation, and upgrade services, and has simplified government approval items. The province's One-step Approval Process has become a well-known brand of national government services. Hunan ranked 8th nationwide and 1st in central China in the "10,000 Private Enterprises' Evaluation of Business Environment" by the All-China Federation of Industry and Commerce,

The real economy has continued to grow. In the past ten years, Hunan has made great efforts to cultivate market entities. The number of "Four-Above" units in the province has increased by 17,100 to 47,100 compared with 2012.

The "Four-Above" units refer to:
1. The industrial enterprises above designated size;
2. The construction and real estate development and management companies with designated qualification or above;
3. The wholesale, retail, accommodation, and catering companies above designated size; and,
4. The service industries above designated size.

Hunan has furthered its supply-side structural reform, achieved sustainable and healthy industrial development, and cultivated three trillion-yuan and fourteen 100-billion-yuan industrial clusters. 

Endogenous driving force has continued to strengthen. A series of policy measures focusing on stabilizing the economy, expanding domestic demand and promoting consumption have been implemented, to fully tap the market potential and boost consumer market growth. Hunan's per capita consumer spending has increased from 14,609 yuan in 2012 to 22,798 yuan.

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

Translator: Xiao Juan

Chinese source: hunantoday