Below is the translation of a recent media release on Yunnan’s GDP and breakdown by sector and source. I’m still tracking down some explanatory data (like why imports decreased by 10%) before I provide analysis and representations, but observe that total debt is greater than 2013 GDP as well as debt/total savings ratio is approximately 77%. Investment growth was double consumption and real estate investment grew by 40%! Lastly, there seems to be a mistake with total fixed capital investments listed at nearly 85% of GDP.
Yunnan Wangxun – January 17, 2014 (author: Lei Suyue): Experts at the Yunnan province Bureau of Statistics report the province’s 2013 GDP totaled 1.17 trillion RMB (193 million USD). The province’s GDP growth rate ranked third in China at 12.1% and is demonstrating a stable and positive trend.
The data show the agricultural sector contributing 305bn RMB and growing by 7% on the previous year. Grain harvests were the highest in five years totaling 18.24mn tons and a YOY growth rate of 4.3% (.749mn tons). Additionally, special agriculture industries (agro-forestry, livestock, and fisheries) from upland areas (高原特色农业) are contributing strongly to this growth in terms of improvements in quality and quantity.
Industrial output rose to 347Bn RMB and grew by 12.3%. Light industry contributed 152.8bn RMB and grew by 7.4%. Growth in heavy industry rose to 194.3bn RMB demonstrating a significant growth rate of 16.3%. These industries consumed 675.2bn tons of coal (8.1% growth), and the entire province consumed 145.9bn KWH of electricity (10.9%).
Investment in fixed capital assets (not including farm investments) increased by 27.4% reaching a total of 962bn RMB (translators note: this looks too high, could be a typo). Real estate investment totaled 248.8bn RMB (39.6% growth). The province added a total of 182mn square meters (27.1% growth) and sales of 33mn square meters (2.2% growth) at a total value of 14.87bn RMB (9.1% growth).
Total government expenditure for 2013 was 278.5bn RMB. Total government revenues for Yunnan province totaled 161bn RMB (20.4% increase). Tax revenue totaled 121.5bn RMB (increase 14.2%); Non-tax revenue totaled 38.56bn RMB (44.3% increase)
Provincial government expenditures (including locality expenditure) totaled 409.65bn RMB (14.7% increase)with 278.46bn RMB spent on education, social welfare and employment programs, agro-forestry and water resources, transportation shipping, and social housing programs. This expenditure rose 34.4BN RMB from last year and totals 68% of provincial public expenditure.
Total Consumption reached 403.6bn RMB – a 14% increase over 2012. Urban consumption totaled 324bn RMB growing by 13.8%; rural consumption totaled 79.5bn RMB (growth 14.5%) 7 percentage points higher than urban consumption growth rates.
Yunnan’s international trade (exports + imports) totaled 125bn RMB (25bn USD)
Total trade rose by 22.9% in 2013 – the province’s growth rate is 15.3 points higher than the national trade growth percentage. Among this exports totaled 15.96bn USD (59.3% growth); Imports totaled 9.87bn USD representing a decrease of 10.2%.
By the end of December, 2013, total savings of provincial financial institutions totaled 2.06 trillion RMB, an increase of 271.84bn RMB (15.2% increase); total debt of Yunnan’s financial institutions is 1.58 trillion RMB an increase of 192bn RMB (14% increase)
GDP breakdown by sector: Primary sector GDP totaled 189.5Bn RMB (6.8% growth), secondary sector GDP totaled 492.8bn RMB (13.3% growth) where industry contributed 376.7bn RMB (12% growth) and construction totaled 116bn RMB (18.4% growth); Tertiary industry totaled 489.8bn RMB (12.4% growth).
Yunnan has made progress in navigating its development through the pressures of the complex global economic climate through the promotion of a “Stability provides progress, stability provides effectiveness, stability provides expedience” program. Success in Yunnan has come from promoting stable growth, institutional restructuring, promoting reform.