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Hainan's GRP average growth rate exceeded that of China's GDP

2023-01-31

 Hainan's average annual growth rate of gross regional product (GRP) over the past five years was 5.3%, 0.1 percentage point (pp) higher than China's average GDP for the same period. Zho Lin, deputy head of the provincial statistics office, said Thursday.

"Hainan's five-year average GRP growth rate has been 5.3% - 0.1 percentage points higher than China's average GDP," she told a news conference.

The official noted that in 2022 the trend temporarily decreased due to the extremely negative impact that the pandemic had on the economy of the province. Hainan's GRP growth rate was 0.2% and 1.9% in the fourth quarter.

"In 2022, amid the difficult economic situation and risks posed by the spread of COVID in China, under the firm leadership of the Hainan administration <...> the timely recovery of the economy and its overall stability was ensured," said Zho Lin. "The province's GRP in 2022 at constant prices was 681.82 billion yuan ($100.85 billion at current exchange rate), an increase of 0.2% over the previous year."

She said that last year Hainan's agriculture continued to successfully develop, there was an increase in the proportion of investment in industry, the process of forming the sectors of the economy, aimed at foreign markets has accelerated. The price level remained stable.

The official forecast for 2023

Earlier, Provincial Governor Feng Fei said that Hainan's economy is expected to recover dynamically in 2023. According to him, the growth rate of GRP of the island should be about 9.5%.

According to official statistics, in 2021 Hainan's GRP went up 11.2%, amounting to 647.52 billion yuan. The dynamics of economic development of the southernmost Chinese province turned out to be higher than the GDP growth rate of PRC for the specified period (8.4%).