Facing complicated development circumstances both in and outside of China, the province has thoroughly implemented the strategy of “Three Hubs and Four Missions”, and coordinated epidemic prevention and control and economic and social development.

 

In the first three months, Hunan’s economy showed a good start with stable growth, laying a foundation for the fulfillment of annual goals. 

 

Hunan’s major economic indicators were in line with expected goals in the first quarter, and the operation of the economy shows four characteristics. 

 

Firstly, the major indicators kept stable with a moderate growth. The added value of agriculture, forestry, husbandry and fishery sectors rose by 84%; that of the industrial enterprises over designated size grew by 9.5%; that of the service industry increased by 5%; and the fixed asset investment up 10.4%. 

 

Secondly, the structure of Hunan’s economy has continued to improve. The upgrading of industrial structure was accelerated. The added value of manufacturing industry accounted for 28.2% of the province’s GDP, 1.3 percentage points higher than the previous year. The investment in manufacturing and hi-tech industries saw a growth of 23.6% and 19.1% respectively. 

 

The economy picked up steadily. Innovative development showed a good momentum, with the added value of hi-tech industry increasing by 15.7% year on year.

 

Thirdly, there was considerable financial support for the real economy. Revenues and expenditures in the provincial general public budgets rose by 5.1% and 11% respectively. 

 

Fourthly, progress has been made in people’s livelihood. Every effort has been made to promote the multiplication of market entities. In the first quarter, the number of newly registered market entities increased by 39.3%. 

 

Employment maintained stable. Consumer price held steady. The per capita disposable income of residents rose by 6.8%. 10 key projects related to people’s livelihood have been implemented as scheduled.