Six cities in China are vying to be next to join the so-called “Trillion Renminbi Club”, by having a 10-figure annual GDP, based on recent data accumulated by looking at the economic performance of cities during the first half of 2023.
In 2022, the GDP of Changzhou in Jiangsu, together with that of Yantai in Shandong Province, both topped ¥950 billion. This pair was followed by Tangshan up north in Hebei Province, which was just one step away from a ¥900 billion GDP.
Then there are the three quasi-trillion-renminbi cities; Xuzhou in our very own Jiangsu, Dalian in Liaoning Province and Wenzhou in Zhejiang Province, all with GDPs ranging from ¥800-850 billion.
The six were chosen by the 21st Century Economic Research Institute for their having a 23H1 above 6 percent, exceeding the national average and indeed, that of most Trillion Renminbi Club members.
For Changzhou, its advantages in the new-energy industry will be crucial if it is to win this race.
Good news, therefore, that the City recently realised the first 30,000 tonne iron-phosphate battery production line. As an important precursor to lithium ion batteries for new-energy vehicles, the plant’s opening will provide a significant boost to Changzhou’ GDP figures in 23H2.
Looking to Yantai, 24-26 July saw the City hold a government economic conference, in which Party Secretary, Jiang Cheng, pointed out that Yantai’s economic and social development in 2023 to date has maintained its good momentum. However, there are still problems and shortcomings, such as the need to improve the quality and efficiency of industrial-project recruitment.
The 21st Century Economic Research Institute believes it is highly likely that both Changzhou and Yantai shall surpass ¥1 trillion in their GDPs this year. But which will be first?
The race is on to become the 25th member of the Trillion Renminbi Club in China!
