The first quarter of 2026, marking the beginning of the 15th Five-Year Plan period, saw regions across China steadily advance work related to stabilizing growth, promoting transformation, and benefiting people's livelihoods. The overall economic performance demonstrated a positive trend of steady progress with improvements in both quality and efficiency. Domestic生产总值 (GDP) achieved stable growth, with high-quality development continuing on a solid path.
As leading forces in the national economic development, the major economic provinces of Guangdong and Jiangsu, building on their respective industrial strengths, injected strong momentum into local economies with outstanding performances. Data released by the statistical departments of the two provinces show that their regional GDP for the first quarter both entered the 3.4 trillion yuan梯队, highlighting the significant role of major economic provinces in supporting the national economy.
Nationally, in terms of industrial layout, new quality productive forces have become the core driver stimulating local economic growth. Influenced by this, local economies generally operated stably in the first quarter, with the regional development structure continuously optimizing. Many areas achieved reasonable quantitative growth and effective qualitative improvement. The market expects that, against the backdrop of a strong first-quarter start, the economy has a solid foundation for stable recovery in the second quarter and throughout the year.
Many regions posted impressive GDP growth rates in the first quarter. China's economy achieved a good start for the year. According to data from the National Bureau of Statistics, China's first-quarter GDP reached 33.4193 trillion yuan, a year-on-year increase of 5.0% calculated at constant prices. Simultaneously, first-quarter regional GDP data from various localities have been released. Currently, all 31 provincial-level regions have published their Q1 GDP figures.
In terms of economic scale, the leading provinces maintained a solid lead with a clear梯队 distribution. Guangdong's Q1 GDP reached 3.495034 trillion yuan, remaining the highest nationwide. Jiangsu followed closely with 3.4483 trillion yuan. Shandong and Zhejiang ranked third and fourth with 2.4844 trillion yuan and 2.3684 trillion yuan respectively, showing strong development momentum and leading the nation in economic scale. Sichuan, Henan, Hubei, Fujian, Shanghai, and Hunan rounded out the top ten, with the supporting role of major central and western provinces becoming increasingly prominent, solidifying the foundation of the national economy.
Regarding economic growth rates, regional增速 showed differentiated development. Among the 31 provinces releasing Q1 GDP data, 15 provinces had GDP growth rates that surpassed or matched the national level of 5.0%, indicating a clear divergence in regional growth momentum. Tibet led the nation with a GDP growth rate of 6.1%. Shandong and Zhejiang tied for second place with growth rates of 6.0%, demonstrating strong economic vitality. Beijing, Shanghai, and Gansu all recorded growth rates of 5.9%. First-tier cities achieved steady growth leveraging advantages in high-end industries and modern services, while western regions realized relatively faster development based on characteristic industries and policy empowerment.
Yuan Haixia, President of the China Chengxin International Research Institute, stated that since the beginning of the year, industrial transformation and upgrading have been the core theme of local economic development. Regions have continuously promoted the shift of industrial structures towards higher-end, smarter, and greener directions. Advanced manufacturing, high-tech manufacturing, and modern services have become important pillars driving economic growth. Traditional industries have achieved quality and efficiency improvements through technological transformation and digital empowerment, while new quality productive forces are being rapidly cultivated and strengthened, injecting lasting momentum into economic development.
Mao Shengyong, Deputy Commissioner of the National Bureau of Statistics, analyzed at a State Council Information Office press conference that the Q1 GDP growth of 5.0% likely continues to rank among the top performers globally. Furthermore, this growth rate was achieved amidst a more complex external environment and a relatively high base from the previous year. This year's economic growth is increasingly supported by the cultivation of new quality productive forces, innovation-driven development, and the accelerated growth of new动能.
Mao Shengyong indicated that in the next stage, more proactive and effective macro policies will be implemented, focusing on stabilizing employment, enterprises, markets, and expectations, to continuously consolidate and expand the trend of steady and improving economic performance.
With the release of Q1 2026 local economic data, Guangdong and Jiangsu, the nation's top economic梯队, have again become the focus of regional economic development. As provinces consistently ranking first and second in regional GDP, Guangdong and Jiangsu delivered impressive economic performances in the first quarter. By leveraging their distinct development models, they have become benchmark examples of high-quality local economic development, showcasing the robust vitality of China's regional economies.
Data from the Guangdong Provincial Bureau of Statistics shows that Guangdong achieved a regional GDP of 3.495034 trillion yuan in Q1, a year-on-year increase of 4.6% at constant prices. According to unified accounting by the Jiangsu Provincial Bureau of Statistics, Jiangsu achieved a regional GDP of 3.4483 trillion yuan in Q1, a year-on-year increase of 5.4% at constant prices. Both provinces entered the 3.4 trillion yuan梯队.
An analysis by a fiscal and taxation expert noted that Guangdong's Q1 GDP growth rate of 4.6% represents a significant improvement compared to the 4.1% growth in Q1 last year and the 3.9% annual growth for 2025, marking the highest Q1 GDP growth rate in nearly five years. This indicates a clear trend of economic recovery and improvement, with the foundation for stabilization continuously being reinforced.
As the nation's largest provincial economy, Guangdong bases its strategy on its industrial advantages, with core policy directions focusing on cultivating new quality productive forces and upgrading modern services. Data from the Guangdong Provincial Bureau of Statistics indicates that in Q1, the value added of the province's service industry increased by 4.5% year-on-year. Within this sector, the value added of the financial industry, and the accommodation and catering industries increased by 7.8% and 4.0% respectively. Operating revenue for software and information technology services, and internet and related services increased by 9.9% and 7.8% respectively.
In the industrial sector, Guangdong demonstrated an accelerated development trend of new quality productive forces centered on artificial intelligence. Data shows that the value added of industries above designated size in Guangdong increased by 5.4% year-on-year in Q1. Specifically, the computer, communication, and other electronic equipment manufacturing industry grew by 13.4%. The accelerated development of new quality productive forces was evident, with value added for advanced manufacturing and high-tech manufacturing increasing by 7.0% and 11.9% respectively. These growth rates were 1.6 and 6.5 percentage points higher than the average for industries above designated size. Their shares in the total value added of industries above designated size reached 56.7% and 34.8% respectively, increasing by 0.5 and 0.1 percentage points compared to the full year of the previous year.
In a signed article, Wang Xuemin, Director of the National Economic Accounting Department of the Jiangsu Provincial Bureau of Statistics, pointed out that in the first quarter, Jiangsu accelerated the implementation and effectiveness of various macro policies, developed new quality productive forces based on local conditions, and achieved a good start for the provincial economy, showing a development态势 characterized by a powerful beginning and steady improvement.
Leveraging its policy strength as a manufacturing powerhouse, Jiangsu exhibited充沛 real economic动能 and突出的增速 advantages. Wang Xuemin noted in the article that in Q1, Jiangsu's industrial value added increased by 6.9% year-on-year, a growth rate 0.8 percentage points higher than the full-year growth of the previous year, contributing 2.5 percentage points to economic growth. The role of manufacturing as a stabilizer was enhanced, with its value added increasing by 6.7% year-on-year, a rate 0.4 percentage points higher than the previous full year, contributing 2.3 percentage points to economic growth. Concurrently, high-tech manufacturing grew rapidly. In Q1, the value added of Jiangsu's high-tech manufacturing industry increased by 14.8% year-on-year, accelerating by 2.9 percentage points compared to the full year previous, and contributing 3.4 percentage points to the growth of all industries above designated size. This sector has now achieved double-digit growth for 13 consecutive months.
Yang Zhiyong, President of the Chinese Academy of Fiscal Sciences, believes that as major economic provinces, Guangdong and Jiangsu each played to their strengths in the first quarter. Guangdong primarily leveraged the AI boom to accelerate industrial leapfrogging, leading in the share of high-tech product exports. Jiangsu relied on its profound manufacturing foundation to achieve a succession between old and new动能, leading in the growth rate of high-tech manufacturing. The concerted efforts of both provinces in industrial upgrading, foreign trade expansion, and cultivation of new动能 have laid a solid foundation for achieving the goals of the 15th Five-Year Plan.
The cooperative and competitive dynamic between Guangdong and Jiangsu, as they shoulder major responsibilities, serves as a vivid microcosm of the national economy's pursuit of progress while ensuring stability. Inspired by the demonstration of these two provinces, regions across China are actively exploring their own paths to high-quality development based on their unique endowments.
Information gathered from various provincial statistics bureaus indicates that with the release of Q1 GDP data, localities have普遍 expressed that despite a complex and changing external environment and the ongoing need to optimize domestic supply and demand structures, China's economy possesses sufficient resilience, strong innovation capabilities, and new动能. Advantageous industries and emerging forces will continue to play a supporting role.
Looking ahead to the second quarter, with the continuous implementation of growth-stabilizing policies, the effective deployment of funds from ultra-long special government bonds and local government special bonds, and the recovery of holiday consumption markets, regions will continue to consolidate the current economic operating态势 and steadily advance economic development based on their own industrial foundations.