During the first half of this year, China effectively managed external pressures and internal challenges, leading to an economic trajectory characterized by new drivers and structural optimization. This has laid a solid foundation for achieving the year's economic and social development goals while providing robust support for regional growth.

In the first six months, regional economies displayed distinct and competitive operational patterns. Across eight key economic indicators, the Yangtze River Delta led in three: Gross Domestic Product (GDP) growth rate, growth in industrial output above a designated size, and per capita disposable income. The Yellow River Basin ranked first in two indicators: total retail sales of consumer goods and growth in per capita disposable income. The Western region led in two indicators: total goods export value and growth in general public budget revenue (first quarter). The Beijing-Tianjin-Hebei region claimed the top spot in one indicator: service sector growth.

The imbalance in regional economic performance remained pronounced, with significant gaps in growth rates or values across key indicators. For example, the Yangtze River Delta recorded the fastest GDP growth at 5.5% year-on-year, 2.8 percentage points higher than the Northeast region's 2.7%. The task of fostering balanced and coordinated regional economic development remains substantial and challenging.

Looking ahead, significant efforts are needed to address regional imbalances, enhance coordination and balance in regional economic and social development, and lay a solid foundation for building a new development pattern and advancing Chinese-style modernization during the "15th Five-Year Plan" period.

Gross Domestic Product: Yangtze River Delta Leads in Growth

In the first half of the year, China's GDP grew by 4.7% year-on-year, a decrease of 0.3 percentage points from the 5.0% growth in the first quarter and 0.6 percentage points lower than the 5.3% growth recorded in the same period last year. This rate falls within the annual target range of 4.5% to 5.0%, and the GDP increased by 3.6 trillion yuan compared to the same period last year.

The Yangtze River Delta recorded a 5.5% year-on-year GDP growth, the fastest among the eight major regions. This was 0.8 percentage points higher than the national average, playing a leading role in stabilizing the national economy. Compared to the same period last year, the ongoing benefits of the national strategy for integrated development, coupled with continuous industrial structural upgrades, have accelerated the release of the region's growth potential in the inaugural year of the "15th Five-Year Plan."

Other regions saw growth rates ranked as follows: the Eastern region at 5.1%, Beijing-Tianjin-Hebei at 5.0%, the Yellow River Basin and the Yangtze River Economic Belt both at 4.8%, the Central region at 4.3%, the Western region at 4.0%, and the Northeast region at 2.7%.

Within the fastest-growing Yangtze River Delta, Zhejiang's GDP grew by 5.7%, Shanghai by 5.6%, Anhui by 5.6%, and Jiangsu by 5.2%, all exceeding the national average. Zhejiang recorded the fastest growth within the region, highlighting the vitality of its digital economy and private sector, along with impressive growth in high-tech industry investment. Specifically, the core digital economy manufacturing sector grew by 15.5%, high-tech manufacturing by 16.2%, and private enterprises contributed 78.1% of the growth, ranking first among leading provinces. Shanghai's tertiary sector performed well, with rapid growth in information transmission, software, IT services, and finance, significantly supporting its economic expansion. Anhui's rapid GDP growth, which propelled it back into the top ten nationally, was driven by a 44.6% increase in high-tech manufacturing value-added, contributing 55.9% to the growth of all industrial enterprises above the designated size and accounting for nearly 20% of the total. This positioned Anhui's advantageous industries, such as new energy vehicles, new displays, and robotics, firmly in the national leading tier.

Industrial Output Above Designated Size: Yangtze River Delta Leads in Growth

In the first half of the year, China's industrial output above a designated size grew by 5.4% year-on-year. This was a decrease of 0.7 percentage points from the 6.1% growth in the first quarter and 1.0 percentage point lower than the 6.4% growth in the same period last year. Manufacturing output grew by 5.6%, slowing from 6.4% in the first quarter and 7.0% a year earlier.

The Yangtze River Delta's industrial output above a designated size grew by 7.9% year-on-year, 2.5 percentage points faster than the national average of 5.4%, making it the fastest-growing region among the eight. Compared to the same period last year, the effect of advanced manufacturing clusters in the Yangtze River Delta has accelerated in the first year of the "15th Five-Year Plan." The region's manufacturing transformation and upgrading, expansion of emerging industry clusters, and deep integration of the digital economy with advanced manufacturing have driven steady industrial growth, demonstrating strong supply chain resilience and innovative vitality amid a complex external environment.

Other regions ranked by growth rate were: the Central region at 6.9%, the Yangtze River Economic Belt at 6.6%, the Yellow River Basin and the Eastern region both at 6.4%, the Western region at 5.5%, Beijing-Tianjin-Hebei at 5.1%, and the Northeast region, which saw a decline of 0.3%.

Within the fastest-growing Yangtze River Delta region, Anhui's industrial output above a designated size surged by 12.4%, 7.0 percentage points higher than the national rate, making it the fastest-growing area in the delta. Zhejiang grew by 8.0%, Jiangsu by 6.7%, and Shanghai by 5.7%. Anhui's explosive industrial growth is highlighted by the rapid expansion of its equipment manufacturing, information technology, new energy, and photovoltaic supply chains. Specifically, automobile manufacturing grew by 29.0%, and computer, communication, and other electronic equipment manufacturing by 61.6%. In the first half of the year, Anhui's total automobile production reached 1.687 million units, including 882,000 new energy vehicles, both ranking first nationally. Zhejiang's high-tech manufacturing developed rapidly, with artificial intelligence, high-end equipment, and new energy vehicles maintaining double-digit growth. The competitive advantages of Jiangsu's and Shanghai's equipment manufacturing, integrated circuits, and other key industries continued to strengthen, providing robust support for the region's industrial growth.

Service Sector Value-Added: Beijing-Tianjin-Hebei Leads in Growth

In the first half of the year, China's service sector value-added grew by 5.2% year-on-year, unchanged from the first quarter but down 0.3 percentage points from the 5.5% growth in the same period last year. Sectors such as leasing and business services, information transmission, software and IT services, finance, and accommodation and catering all recorded positive growth. Modern service industries, including leasing, business services, and IT, grew significantly faster than other sectors.

The Beijing-Tianjin-Hebei region's service sector value-added grew by 5.8% year-on-year, 0.6 percentage points faster than the national average of 5.2%, making it the fastest among the eight major regions. Compared to the same period last year, the growth rate in the Beijing-Tianjin-Hebei region rebounded by 0.3 percentage points, a notable improvement. In the first year of the "15th Five-Year Plan," the region leveraged multiple advantages, including headquarters economy agglomeration, digital service expansion, and fintech empowerment, effectively driving the stable performance of the national service sector.

Other regions ranked by growth rate were: the Yangtze River Delta at 5.5%, the Eastern region at 5.4%, the Yellow River Basin and the Yangtze River Economic Belt both at 5.0%, the Central and Northeast regions both at 4.6%, and the Western region at 4.2%.

Within the fastest-growing Beijing-Tianjin-Hebei region, Beijing's service sector value-added grew by 6.1% year-on-year, 0.9 percentage points above the national average and the highest in the region. Tianjin and Hebei both recorded 5.5% growth. In Beijing, the rapid iteration of artificial intelligence, coupled with fast growth in computing and storage services, drove the information transmission, software, and IT services sector up by 9.4%. The financial sector grew by 10.2%, with the capital market remaining active, as evidenced by a 43.5% increase in securities transaction volume. The transportation, warehousing, and postal sectors grew by 4.0%. Hebei's service sector grew steadily, with wholesale, retail, and transportation maintaining stable growth. Tianjin saw robust growth in producer services such as modern logistics and technology services.

Total Retail Sales of Consumer Goods: Yellow River Basin Leads in Growth

In the first half of the year, China's total retail sales of consumer goods grew by 1.3% year-on-year. This was a decline of 1.1 percentage points from the 2.4% growth in the first quarter and 3.7 percentage points lower than the 5.0% growth in the same period last year. As the growth rate of total retail sales fell, essential consumer goods maintained stable growth, while development-oriented consumption experienced a sharper slowdown.

The Yellow River Basin recorded a 2.0% year-on-year growth in total retail sales of consumer goods, 0.7 percentage points faster than the national average of 1.3%, making it the fastest-growing region among the eight. This is closely linked to the region's sustained consumption promotion policies, ongoing improvements to the county-level commercial system, and steady growth in residents' income.

Other regions ranked by growth rate were: the Eastern region and the Yangtze River Delta both at 1.6%, the Yangtze River Economic Belt at 1.5%, the Central region at 1.4%, the Beijing-Tianjin-Hebei region and the Western region both at 1.2%, and the Northeast region, which saw a decline of 1.1%.

Within the fastest-growing Yellow River Basin, Shandong and Henan both saw a 2.7% year-on-year increase in total retail sales of consumer goods, 1.4 percentage points faster than the national average, making them the fastest in the basin. Shandong's growth rate has outpaced the national average for 39 consecutive months. The province received 11.195 million applications for consumer goods trade-in subsidies, driving sales of 89.06 billion yuan, and hosted over 2,500 consumption promotion events, generating sales exceeding 42 billion yuan. In Henan, sales of energy-efficient household appliances (Grade 1 and 2) grew by 23.6%, and smart home appliances by 11.0%, standing out among the eight regions. Other areas in the basin saw growth rates of: Sichuan at 2.0%, Qinghai and Inner Mongolia both at 1.3%, Shaanxi and Gansu both at 1.1%, Ningxia at 0.6%, and Shanxi, which declined by 2.1%.

Total Goods Export Value: Western Region Leads in Growth

In the first half of the year, China's total goods export value grew by 13.4% year-on-year. This represents a rebound of 1.5 percentage points from the 11.9% growth in the first quarter and a significant increase of 6.2 percentage points from the 7.2% growth in the same period last year. This strong recovery is closely tied to the rapid export growth of the "new three" products—new energy vehicles, lithium batteries, and photovoltaic products—and emerging sectors such as artificial intelligence, robotics, and innovative drugs.

The Western region's export value grew by 18.5% year-on-year, 5.0 percentage points faster than the national average of 13.4%, making it the fastest-growing region among the eight. Compared to the same period last year, the growth rate in the Western region accelerated by 4.0 percentage points, attributed to a combination of factors, including the high-quality development of the Belt and Road Initiative, the sustained effectiveness of the New Western Land-Sea Corridor, and the increasing export competitiveness of the "new three" products.

Other regions ranked by export growth rate were: the Northeast region at 17.4%, the Yangtze River Delta at 16.9%, the Yangtze River Economic Belt at 14.9%, the Central region at 14.1%, the Eastern region at 12.4%, the Beijing-Tianjin-Hebei region at 11.8%, and the Yellow River Basin at 11.6%.

Within the fastest-growing Western region, Shaanxi's goods export value surged by 115.7% year-on-year, an extraordinary 102.3 percentage points above the national average, making it the fastest-growing province in the Western region and the entire country. Other provinces with positive export growth included Chongqing at 34.6%, Ningxia at 27.8%, Inner Mongolia at 22.7%, Yunnan at 16.4%, and Gansu at 14.7%. However, some provinces experienced declines: Guangxi by 0.8%, Sichuan and Xinjiang both by 8.1%, Tibet by 11.7%, Qinghai by 13.3%, and Guizhou by 14.7%. This highlights significant internal imbalances within the Western region, with widely divergent growth trends, primarily due to uneven industrial structure development.

General Public Budget Revenue: Western Region Leads in Growth

In the first half of the year, China's general public budget revenue grew by 4.7% year-on-year, an acceleration of 2.3 percentage points from the 2.4% growth in the first quarter, compared to a decline of 0.3% in the same period last year. National tax revenue grew by 5.3%, while non-tax revenue increased by 2.3%. As several provinces had not yet released their first-half data at the time of the study, first-quarter data was used for regional analysis.

In the first quarter, the Western region's general public budget revenue grew by 4.3%, the fastest among the eight major regions. This is closely linked to the region's high economic activity, solid tax base, and improved profitability in key industries in some provinces. In the first quarter, several Western provinces ranked among the top nationally for industrial output growth, directly driving faster growth in major taxes like value-added tax and corporate income tax. Additionally, resource-rich Western provinces benefited from rising prices of bulk commodities like coal and non-ferrous metals, maintaining a healthy level of resource tax and related corporate income tax, providing a stable revenue source for local finances. Major project investment and construction continued to gain momentum in the Western region, with national mega-projects entering peak investment and construction periods. This sustained rapid growth in fixed asset investment not only boosted tax revenue from the construction and installation industry but also expanded the regional tax base through industrial chain spillover effects.

Other regions ranked by growth rate were: the Eastern region at 2.9%, the Beijing-Tianjin-Hebei region at 2.7%, the Yangtze River Economic Belt at 2.4%, the Yangtze River Delta at 2.0%, the Central region at 1.7%, the Northeast region at 1.0%, and the Yellow River Basin at 0.7%.

Within the Western region, Tibet's general public budget revenue grew strongly in the first quarter, with a year-on-year increase of 46.2%, 43.8 percentage points faster than the national rate of 2.4%. Tibet's economy is relatively small, and the entry of major projects like the Sichuan-Tibet Railway and clean energy bases into peak investment and construction periods in the early stages of the "15th Five-Year Plan" led to a concentrated inflow of project settlement payments. This directly drove a substantial increase in major taxes like VAT and corporate income tax, reflecting Tibet's ongoing economic recovery and positive development momentum, as well as the growth of its distinctive advantageous industries and steady progress on key projects. Other provinces in the region saw first-quarter growth rates of: Xinjiang at 11.2%, Chongqing at 9.9%, Qinghai at 8.7%, Gansu at 6.2%, Inner Mongolia at 4.5%, Ningxia at 4.3%, Sichuan at 3.7%, Guizhou at 2.5%, Yunnan at 0.6%, and Shaanxi, which declined by 3.0%.

Per Capita Disposable Income Growth: Yellow River Basin Leads in Growth

In the first half of the year, China's per capita disposable income grew by 5.2% year-on-year in nominal terms, an acceleration of 0.3 percentage points from the 4.9% growth in the first quarter but 0.1 percentage point slower than the 5.3% growth in the same period last year. National per capita wage income grew by 5.3%, net business income by 6.5%, net property income by 1.1%, and net transfer income by 5.8%.

The Yellow River Basin recorded a 5.5% year-on-year growth in per capita disposable income, 0.3 percentage points faster than the national average of 5.2%, making it the fastest-growing region among the eight. This is closely related to increased central government transfer payments to less developed areas, the in-depth implementation of the rural revitalization strategy, and the development of specialized industries to boost employment and income.

Other regions ranked by growth rate were: the Central region at 5.4%, the Western region at 5.3%, the Beijing-Tianjin-Hebei region at 5.2%, the Yangtze River Economic Belt at 5.1%, the Yangtze River Delta and the Eastern region both at 5.0%, and the Northeast region at 4.7%.

Within the fastest-growing Yellow River Basin, Gansu's per capita disposable income grew by 6.8%, 1.6 percentage points faster than the national average and 1.3 percentage points faster than the basin's average of 5.5%, making it the fastest in the basin. Other areas saw growth rates of: Ningxia at 6.0%, Shaanxi at 5.9%, Henan at 5.6%, Shandong and Qinghai both at 5.5%, Inner Mongolia at 5.4%, Shanxi at 5.3%, and Sichuan at 5.1%.

Per Capita Disposable Income: Yangtze River Delta Highest in Level

In the first half of the year, China's national per capita disposable income was 22,981 yuan, an increase of 1,141 yuan from 21,840 yuan in the same period last year. Urban per capita disposable income was 30,126 yuan, while rural per capita disposable income was 12,699 yuan.

The Yangtze River Delta recorded a per capita disposable income of 33,239 yuan, which is 10,258 yuan higher than the national average of 22,981 yuan, the highest among the eight major regions. This leading income level is closely tied to the region's technological innovation, agglomeration of high-end industries, deepening integrated development, and its high per capita GDP, which serves as the foundation for the highest per capita disposable income.

Other regions ranked by income level were: the Eastern region at 30,019 yuan, the Beijing-Tianjin-Hebei region at 25,974 yuan, the Yangtze River Economic Belt at 24,576 yuan, the Yellow River Basin at 19,244 yuan, the Northeast region at 18,821 yuan, the Central region at 18,731 yuan, and the Western region at 17,809 yuan.

Within the Yangtze River Delta, which has the highest per capita disposable income, Shanghai's figure reached 48,791 yuan, 15,552 yuan more than the delta's average of 33,239 yuan and 25,810 yuan above the national average. Urban per capita disposable income in Shanghai was 38,769 yuan, and rural per capita disposable income was 21,311 yuan. As an international financial, trade, and technology innovation center, Shanghai's agglomeration of high-end industries and innovation resources, along with the coordinated development of modern services and advanced manufacturing, underpins its top-ranking per capita disposable income. Other areas in the delta recorded incomes of: Zhejiang at 39,807 yuan, Jiangsu at 32,221 yuan, and Anhui at 21,075 yuan.