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In the First Half of This Year Jinan’s Economy Registers a Stable and Fast Performance with Good Momentum for Growth

A few days ago, it was learned from Jinan Municipal Bureau of Statistics that in the first half of 2017 the economy of Jinan registered a stable and fast performance with good momentum for growth, and the economic growth of the city, following Shenzhen, ranked the second among the 15 sub-provincial cities, the best ranking since 2000.

It is learned that the rapid economic growth of Jinan in the first half of this year is the result of structural adjustment and shift of growth drivers, with no sacrifice of quality, and with both economic growth rate and quality guaranteed, its growth is real and valuable. Statistics show that new driving forces represented by “new technology, new industry, new format and new model” are growing while the low-end and ineffective supply represented by energy-intensive industries are further declining.

In the first half of this year, real economy contributed remarkably to economic growth. The good momentum of industry for growth was the main support to the overall economic growth recovery in this period. Industry saw an increase of 9.1%, 3.1 percentage points higher than the same period of last year, with contribution of the value created by the industrial sector to GDP reaching 34.1%, the greatest of all sectors. Among which, the value created by high-tech industry increased by 16.0%, and the value created by companies of above designated size reached 17.4% of the total. The value created by high-end manufacturing rose by 25.4%, 21.5 percentage points higher than the same period of last year, and the value created by companies of above designated size reached 55.6% of the total. The value created by six energy-intensive industries fell sharply by 12.67%, and the value created by companies of above designated size reached 24.1% of the total, down 4.28 percentage points over the same period of last year. In industrial development, a transformation from energy-intensive industries to high-tech and high value added industries has been accomplished.

When industry gained good momentum for growth, the proportion of service sector continued to rise. The value created by the service sector increased by 8.4% year-over-year, accounting for 60.7% of the total output value of Jinan, 1.3 percentage points higher over the previous year. Among which, the growth rates of wholesale, communications and transportation, warehousing and postal service, and profit-making services were all over 5 percentage points higher than those of the same period of last year. Financial industry and real estate industry witnessed slow momentum for growth. The financial industry achieved a total of 35.818 billion yuan in added value, an increase of 5.4%, down 6.6 percentage points over the same period of last year in growth rate; the real estate industry achieved a total of 24.396 billion yuan in added value, an increase of 1.1%, down 6.7 percentage points, with its contribution to GDP falling to 0.9% from 7.2% of the same period of last year.

The rapid growth in economy is also reflected in quality and efficiency. In the first half of this year, the general public budget revenue of Jinan reached 36.15 billion yuan, a year-over-year increase of 11.8%, including 28.27 billion yuan in tax revenue, up 13.2%. The industrial efficiency of enterprises of above designated size continued to rise with 20.19 billion yuan in profit achieved, a year-over-year increase of 13.2%.

In 2016, with all major economic indicators reaching and topping the average level of Shandong, Jinan successfully made a breakthrough in economic development. In the first half of 2017, to speed up the process of building Jinan into a “big, strong, beautiful, rich and smooth” capital city, Jinan, by focusing on the city’s key tasks “building Jinan into a modern spring city and the centers for economy, finance, logistics and scientific and technological innovation”, focusing on  five important jobs and handling three problems(smog, traffic jam and poverty-alleviation)(namely “435”), consolidated and expanded its original advantages and made breakthroughs in major economic indicators.

With the change of the strength of economic growth drivers, the economic development accomplished by the “rapidly-developing” Jinan seems even more valuable.

In the first half of this year, the economy of Jinan registered a stable and fast performance with good momentum for growth. Its economic growth, not low-end growth any more, has been achieved through structural adjustment and shift of growth drivers, and is valuable. The rapidly developing economy of Jinan enters into its best development stage for recent few years.

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