In a press conference held on October 23, Wu Zhenxiang, the Deputy Director and spokesperson of the Hainan Provincial Bureau of Statistics, shared insights on the province’s economic performance for the first three quarters of 2024. According to Wu, Hainan’s gross regional product reached 558.355 billion yuan, marking a 3.2% year-on-year increase, which shows a slight acceleration of 0.1 percentage points compared to the first half of the year.
Wu highlighted the province’s economic resilience, stating that despite the impact of the devastating Typhoon “Moka” in September, Hainan has maintained stable growth and an upward trend in its economy.
Investment and industrial growth in Hainan have outpaced national averages. Wu reported that fixed asset investment grew by 5.9% year-on-year, surpassing the national average by 2.5 percentage points. Additionally, the added value of industrial enterprises above a designated size increased by 8.1%, outpacing the national average by 2.3 percentage points.
When discussing specific industries, Wu noted that of the 33 major industry categories in Hainan, 18 experienced growth, reflecting a broad growth landscape of 54.5%. Notably, the non-ferrous metal smelting and processing industry saw a remarkable increase of 960%, while the manufacturing of railway, aerospace, and aviation equipment more than doubled, indicating significant industrial upgrades.
Hainan’s external trade also performed impressively. Wu revealed that the province’s total import and export volume reached 205.95 billion yuan in the first three quarters, up 20.2% year-on-year, and 6.4 percentage points faster than the first half of the year, significantly outpacing the national average by approximately 15 percentage points. Exports were particularly strong, soaring by 43.7%.
The digital economy continues to thrive, with online retail sales increasing by 19.3% in the first three quarters, including a 19.9% rise in physical goods sold online, showcasing robust online consumption trends.
On the social front, Jiang Yongliang, Deputy Director of the National Bureau of Statistics Hainan Survey Team, reported that per capita disposable income in Hainan reached 25,760 yuan in the first three quarters, a 4.8% increase that outstrips GDP growth. Notably, rural residents saw a 7.0% increase in per capita disposable income, exceeding the 3.3% growth of urban residents. As a result, the income gap between urban and rural residents has narrowed to 1.97, compared to the national average of 2.46.
Wu also emphasized the province’s commitment to improving citizens’ livelihoods, with social expenditure reaching 114.28 billion yuan, which constitutes 71.3% of the general public budget, an increase of 2 percentage points from 2023. Infrastructure investment grew by 17.0%, providing strong support for improving living standards.
However, the economic landscape also presents challenges. Data indicates that total retail sales of consumer goods decreased by 6.2% year-on-year, signaling that consumer recovery will take time. Nevertheless, some sectors are showing signs of warmth: household appliances grew by 36% in September, furniture by 77.3%, and building materials surged by 150%. The real estate market is also beginning to show signs of recovery, with housing sales turning from a 3.8% decline in the first half to a 3.6% increase.
Looking ahead to the fourth quarter, Wu expressed optimism that with both central and provincial policies aimed at expanding domestic demand and promoting development continuing to take effect, Hainan’s economy is expected to maintain its stabilizing and recovering momentum.
