“顶流”加持，消费第一省易主

Economic Overview - Jiangsu's GDP reached 14.23515 trillion yuan in 2025, growing by 5.3% year-on-year, making it the second province in China to surpass 14 trillion yuan after Guangdong [1] - Jiangsu's total retail sales of consumer goods reached 4.63942 trillion yuan, with a year-on-year growth of 3.3%, marking the first time it surpassed Guangdong in this category [1][5] Consumption Dynamics - The "Su Chao" phenomenon significantly boosted Jiangsu's economy, generating 37.96 billion yuan in service revenue from tourism, dining, and other sectors, with a year-on-year increase of 42.7% [5][6] - Jiangsu received 1.2 billion tourists, achieving a total tourism revenue of 1.48 trillion yuan, reflecting a growth of 10.4% and 10.2% respectively [6] Policy and Strategy - Jiangsu implemented various consumer promotion policies, including the "Su Products" initiative and night economy measures, which collectively drove online and offline sales exceeding 12.9 billion yuan [7][12] - The province's flexible and targeted policies have effectively met diverse consumer needs, contributing to its consumption growth [7] Guangdong's Economic Status - Guangdong's consumption growth has slowed, with a projected increase of only 0.8% for 2024, down from a compensatory growth in 2023 [8][10] - The province's urban consumption, which accounts for nearly 90% of total retail sales, has been particularly weak, with a notable decline in automotive sales by approximately 10% [8][10] Comparative Analysis - Jiangsu's retail sales growth outpaced Guangdong's, with Jiangsu achieving a 5.6% growth in the first quarter of the previous year, compared to Guangdong's lower figures [6][8] - Despite Guangdong's larger economic scale, Jiangsu's strategic focus on consumption and innovative policies have positioned it as a rising competitor in the economic landscape [17][18] Future Outlook - Jiangsu aims to deepen the integration of the "Su New Consumption + Su Chao League" initiative, planning to host numerous events to stimulate consumption across urban and rural areas [20] - Guangdong's economic goals include doubling its GDP by 2035, with a focus on enhancing consumer environments and addressing structural issues to sustain growth [17][18]