On January 22, the Fujian Provincial Bureau of Statistics released data showing that Fujian's GRP (Gross Regional Product) for 2024 reached RMB 5,776.102 billion, marking a 5.5% increase compared to the year before last year when calculated at comparable prices. Over the past year, Fujian has diligently implemented the decisions and arrangements of the Party Central Committee and the State Council, as well as the work requirements of the Provincial Party Committee and the Provincial Government. By adhering to the general principle of pursuing progress while maintaining stability, Fujian has deepened and expanded initiatives focused on "striving for excellence through deep learning, taking the lead with courage, and achieving results through practical action," making bold advances and reaching new heights.

Upon analyzing last year's economic growth across various sectors, it is evident that Fujian has made significant strides in high-quality development.

Last year, the value-added of industries above the designated size in Fujian increased by 6.7% compared to the year before last year. 32 industries across the province saw an increase in value-added compared to the year before last year, representing an 84.2% growth coverage. Among the 452 industrial products included in the statistics, 56.6% experienced growth. Private industrial enterprises made a significant contribution, with the value-added of private industrial enterprises above the designated size in the province increasing by 7.4% compared to the year before last year. They contributed to 69.1% of the growth in industries above the designated size.

The service sector experienced rapid growth, with its value-added rising by 5.5% compared to the year before last year. Within this sector, the transportation, storage, and postal industries saw a 9.4% increase in value-added, while the wholesale and retail industries grew by 7.0%, and the accommodation and catering industries experienced a 7.9% rise. From January to November, service enterprises above the designated size in the province generated operating revenue of RMB 942.697 billion, marking an 11.3% increase compared to the year before last year. Among them, the leasing and business services industries recorded a 19.4% rise in operating revenue, the information transmission, software, and related services industries grew by 13.5%, and the culture, sports, and entertainment industries increased by 13.1%.

Agricultural production remained stable, with the total output value of agriculture, forestry, animal husbandry, and fisheries in the province reaching RMB 585.487 billion last year, reflecting a 3.4% increase from the year before last year when calculated at comparable prices. By industries, agricultural output increased by 4.3% compared to the year before last year, forestry output grew by 4.5%, edible mushroom production rose by 4.8%, tea production increased by 5.0%, and garden fruit production grew by 5.7%.

Over the past year, the synergy of economic growth in investment, consumption, and exports has become evident, leading to a generally stable and progressively improving economic performance across the province.

Last year, the province's fixed asset investment increased by 3.9% compared to the year before last year, showing a rebound in growth. By sectors, investment in the primary sector surged by 16.6%, the secondary sector grew by 14.5%, while the tertiary sector experienced a decline of 2.5%. In specific fields, manufacturing investment grew by 12.6%, infrastructure investment increased by 12.5%, whereas real estate development investment fell by 21.3%. Private investment went up by 4.0%, and when excluding real estate development, it grew by 12.5%. Investment in equipment and tools across the province increased by 20.7% compared to the year before last year, which is 16.8 percentage points higher than the overall fixed asset investment growth.

Last year, the total retail sales of social consumer goods in the province reached RMB 2,308.381 billion, marking an increase of 4.4% compared to the year before last year. Demand for premium products has been rapidly increasing, with retail sales of cosmetics for entities above the designated size rising by 55.9%, photographic equipment by 69.2%, and smartphones by 25.2%. Online retail exerted a significant pull, with a 12.0% increase in online retail sales for entities above the designated size, contributing to a 3.3 percentage point increase in the province's retail sales for entities above the designated size. Meanwhile, market prices remained generally stable, as the consumer price index for residents across the province decreased by 0.1% compared to the year before last year. The ex-factory price for industrial producers dropped by 1.2%, and the purchase price for industrial producers fell by 1.5% from the year before last year.

Imports and exports in foreign trade continued to grow. Last year, the province's total import and export value reached RMB 1,989.85 billion, an increase of 0.8% compared to the year before last year. Among this, exports amounted to RMB 1,238.62 billion, reflecting a 5.3% rise, while imports totaled RMB 751.23 billion, a decrease of 5.8%.

The systematic implementation of a package of incremental policies has clearly driven the continued recovery and positive momentum of Fujian's economy.

Residents' incomes have steadily increased. Last year, the average per capita disposable income in the province was RMB 47,857. In urban areas, the per capita disposable income of residents increased by 4.6% in real terms, while in rural areas, it grew by 6.7%.

The overall state of finance and banking has been stable. Last year, the province's total general public budget revenue was RMB 595.56 billion, marking a 0.8% increase from the year before last year. By the end of 2024, the total balance of both domestic and foreign currency deposits in financial institutions across the province reached RMB 8,427.873 billion, marking a 4.0% increase from the year before last year. Meanwhile, the balance of all domestic and foreign currency loans stood at RMB 8,625.259 billion, reflecting a 4.7% growth.

Translated by Fujian Investment Promotion Center