GDP Breakdown by Province
China's four largest economic provinces have released their first-half 2026 performance data, painting a picture of differentiated but broadly resilient growth across the country's economic backbone. Guangdong province retained its top position with a GDP of 7.228 trillion yuan (approximately USD 1.01 trillion), expanding 4.5% year-on-year, according to the provincial Bureau of Statistics (July 23, 2026).
Jiangsu province came in a close second with 7.039 trillion yuan in GDP, growing 5.2% year-on-year. Though still trailing Guangdong by 189.4 billion yuan, Jiangsu's faster nominal growth rate of 5.3% suggests the gap may narrow further in coming quarters. Shandong province posted GDP of 5.317 trillion yuan, up 5.6% year-on-year, while Zhejiang — the smallest of the four — recorded 4.794 trillion yuan with the highest growth rate at 5.7%.
Growth Drivers
The data underscores a notable north-south dynamic in China's economic recovery. Zhejiang and Shandong's outperformance reflects strong export competitiveness and robust manufacturing activity, while Guangdong's comparatively modest 4.5% growth rate partly reflects its larger base and ongoing structural transformation in the Pearl River Delta.
Policy Implications
The divergence among the four provinces suggests Beijing's one-size-fits-all macro policies may need further fine-tuning. Analysts expect provincial-level stimulus measures to continue targeting industrial upgrades and consumption, particularly in Guangdong where private consumption recovery remains a priority.
Key Statistics
| Province | GDP (trillion yuan) | YoY Growth |
|---|---|---|
| Guangdong | 72.28 | 4.5% |
| Jiangsu | 70.39 | 5.2% |
| Shandong | 53.17 | 5.6% |
| Zhejiang | 47.94 | 5.7% |
Source: Provincial statistical bureaus, reported July 23, 2026.