The People's Bank of China recently released the "China Regional Financial Operation Report (2021)", showing that in 2020, the economy of various regions will recover stably, the structure will continue to be optimized, and the quality and efficiency of development will be steadily improved. The leading role of urban agglomerations has continued to increase. The inland provinces wher the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area are located have contributed 49.3% of the national economic growth.
The report shows that the economic leading role of the eastern region continues to increase, the industrial structure of the central region continues to be optimized, the economic contribution of the western region has steadily increased, and the economy of the northeast region is slowly recovering. In general, in 2020, regional economic and financial operations will mainly show the following characteristics:
The economy has demonstrated strong resilience, and regional coordinated development has been steadily advancing. The inland provinces wher the Beijing-Tianjin-Hebei, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area are located have contributed 49.3% of the national economic growth, and the leading role of urban agglomerations has continued to increase. Industrial transformation and upgrading are progressing steadily. The proportion of the tertiary industry in the eastern, central, and western regions increased by 1, 0.3, and 0.2 percentage points respectively over the previous year, and the proportion of the primary industry in the Northeast region increased by 1 percentage point over the previous year.
The investment structure continued to improve, and investment in high-tech industries and social fields grew rapidly. In the whole year, the growth rate of investment in high-tech industry, health and other social fields was 7.7 and 9 percentage points faster than that of total fixed asset investment, respectively. Fixed asset investment in the eastern, western and northeastern regions increased by 3.8%, 4.4%, and 4.3% respectively over the previous year. Manufacturing investment and infrastructure made up for shortcomings; the central region overcomes the impact of the epidemic and achieved 0.7% positive investment in fixed assets. increase.
Emerging development momentum has increased significantly, and new progress has been made in supply-side structural reforms. The benefits of industrial enterprises in the eastern region have continued to improve, and the emerging service industry supported by Internet information technology has developed strongly. The central region will increase state-owned capital's support for pillar industries and strategic emerging industries. The western region has stepped up efforts to dispose of zombie enterprises and rectify "scattered and polluted" enterprises. The Northeast region has accelerated the reform of state-owned enterprises, continued to promote the elimination of backward production capacity, and achieved breakthroughs in many key core technologies in the field of high-end equipment manufacturing.
Financial support for high-quality economic development has increased, and financial reforms and innovations have continued to deepen. The manufacturing industry in various regions, especially the mid- and long-term loans for manufacturing, has grown rapidly, and the financial service capacity of the industrial chain and supply chain has been continuously improved. The opening up of the financial industry in the eastern region is at the forefront of the country, and the two-way opening of the financial market has accelerated. The green financial standards and green financial product innovation in the pilot zones have achieved phased results. The construction of pilot zones for rural finance and inclusive finance reforms was further advanced, and basic financial services and the level of convenience and benefits for the people continued to improve.
The financial system has maintained steady operation, and important phased results have been achieved in the battle to prevent and resolve financial risks. Small and medium-sized banks have made new progress in replenishing capital through multiple channels. The capital adequacy ratios of local corporate banks in the eastern and western regions increased by 0.3 and 0.8 percentage points respectively from the end of the previous year. The quality of financial assets is generally improving. The non-performing loan ratio of financial institutions in the eastern, western and northeastern regions decreased by 0.08, 0.58 and 0.18 percentage points from the end of the previous year, respectively. The asset quality of financial institutions in the central region was slightly under pressure due to the epidemic, and the non-performing loan ratio This was an increase of 0.06 percentage points from the end of the previous year. Risks in high-risk financial institutions and key areas have been dealt with in an orderly manner, and Internet financial risks have been significantly reduced.
(Source: People's Daily Overseas Edition original title: The leading role of urban agglomerations continues to increase)
