China’s economy has recovered quickly from last year’s coronavirus slump thanks to robust export demand for its manufactured goods. China’s exports surged 38.6% in dollar terms in January-June 2021, helping the world’s second-largest economy to expand by 12.7% in the period. This has been a boon for industrial hub provinces on the eastern coastline of the country. However, inland regions’ economic growth is lagging behind their coastal peers.
Four southeastern provinces, including export and industrial hubs Guangdong and Jiangsu, were among the five best-performing provinces in the first half of the year. The central province of Hubei, where the pandemic started, posted the fastest growth of 28.5% in the period. However, it was largely due to an extremely low base last year.
In stark contrast to southeast China, less-developed western and northeastern provinces have lagged behind. These regions’ economies have been traditionally dependent on government investment in property and infrastructure. The two sectors have slowed this year as local governments reduced borrowing and regulators stepped up regulations to rein in the real estate market.
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Published on July 27, 2021 10:01 AM (GMT+8)Last Updated on July 27, 2021 10:01 AM (GMT+8)
