Knowing All about Hunan

Hunan province achieves over 2.29 trillion yuan of GDP in H1

Updated:2022-07-19 08:55:42

On July 17, 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 has 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. The half of annual targets has been overfulfilled in H1, and Hunan has made positive contributions to stabilizing the national economic growth.

The industrial operation remained stable. The agriculture grew steadily, with the added value of provincial agriculture, forestry, animal husbandry, and fisheries up 6.0% year on year. The industry rose steadily, with the added value of provincial large-scale industries increased by 7.4%. The service industry saw steady recovery, with the revenue of service enterprises above 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. The provincial total retail sales of consumer goods was 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. In the first half of the year, 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 wellbeing was strongly 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.