Gansu’s economic operation presents an “upward curve” picture
On October 22, Gu Keyong, Deputy Director and Spokesperson of the Gansu Provincial Bureau of Statistics, shared insights about the province’s economic performance at a press conference. He noted that from January to September 2024, Gansu’s economy exhibited a positive trend, showing resilience and progress despite external challenges, effectively creating an “upward curve” in economic operation.
During the conference, it was revealed that Gansu’s GDP for the first three quarters reached 912.63 billion yuan, marking a 6.0% year-on-year increase when calculated at constant prices. Breaking it down by industry, the first sector contributed 121.98 billion yuan; the second sector contributed 321.63 billion yuan; and the third sector accounted for 469.02 billion yuan.
Gu emphasized that since the beginning of the year, Gansu has prioritized stabilizing growth, enhancing quality and efficiency, leveraging its advantages, managing risks, and promoting the well-being of its residents. He highlighted that the province’s GDP growth of 6.0% placed it second nationally, maintaining a performance above the national average for eleven consecutive quarters, leading to better-than-expected results.
Positioned in the northwest inland region and along the upper reaches of the Yellow River, Gansu is characterized by its vast geography. The Hexi Corridor, known for its flat terrain, favorable farming conditions, ample sunlight, and rich water resources, serves as a significant agricultural base in the province.
Agricultural production in Gansu is on an upward trend, with summer grain output increasing, and the fall crops thriving, suggesting another promising harvest year ahead. Specialty agricultural products, including beef, lamb, vegetables, and fruits, are seeing stable growth. Gu mentioned that Gansu has established high-standard farmland across 1.112 million acres, leading to a 63.1% increase in investments for the primary sector, with growth rates above 60% for six consecutive months.
In the first three quarters of 2024, the industrial output above designated scale in Gansu grew by 12.0%. By industry, mining increased by 9.8%, manufacturing by 13.7%, and the production and supply of electricity, heat, gas, and water by 8.3%. Out of the 39 major industrial categories, 27 experienced growth.
Gu also discussed the vital role of industry in Gansu’s economic landscape. He reported rapid growth in industrial production from January to August, with profits from large-scale industrial enterprises totaling 41.68 billion yuan, which translates to a year-on-year increase of 10.5%, significantly bolstering the province’s socio-economic development.
Furthermore, Gansu’s tertiary sector saw an increase in value-added growth that outpaced the first half of the year by 0.4 percentage points. Gu highlighted that the province’s cultural and tourism sectors thrived, with the number of tourists and tourism expenditures rising by 15.6% and 25%, respectively. There was also notable growth in passenger transport across rail, road, and air, all exceeding 10%.
In addition, Gansu has excelled in exporting emerging products, including new energy equipment, organic chemicals, and what are known as the “three new products,” which all experienced double-digit growth. The province has seen a significant increase in trade entities, with 116 new companies being involved in import-export activities.
Gu noted that Gansu’s emerging industries are thriving, with the value-added output in strategic emerging industries and high-tech industries growing by 8.2% and 8.7%, respectively. The province achieved its highest ever installed capacity for new energy integration and maintains its second position nationally in market share.
As of the end of September this year, Gansu’s “Gankai Ban” program has processed 49,000 applications for the replacement of old items, with a total sales figure of 6.9 billion yuan. The government has issued nearly 1 billion yuan in consumer coupons and subsidies, stimulating consumption to the tune of 9.1 billion yuan.
