【粤开宏观】2024年中国区域经济版图：西部领跑、东部遇阻

GDP Overview - In 2024, China's GDP grew by 5.0%, surpassing the US growth rate of 2.8%[1] - The nominal GDP reached 134.9 trillion CNY (approximately 18.94 trillion USD), accounting for 64.9% of the US GDP, a decrease of 1.3 percentage points from 2023[1] - The top seven economic provinces contributed 51.5% of the national GDP increment, with Guangdong leading at over 14 trillion CNY[2][15] Regional Economic Performance - The western region outperformed others with a GDP growth rate of 4.8%, while the eastern region faced challenges with a growth rate of only 2.7%[6][14] - In 2024, 22 provinces achieved a GDP growth rate above 5%, with Tibet and Xinjiang leading at 6.3% and 6.1% respectively[3][22] - The economic structure showed a "south rising, north declining" trend, with southern provinces increasing their GDP share to 64.8%[6][36] Fiscal Revenue Insights - In 2024, 26 provinces reported positive growth in general public budget revenue, with a national increase of 1.3%[4][29] - Non-tax revenue saw significant growth, with provinces like Jilin and Inner Mongolia reporting increases of 35.7% and 24.7% respectively[5][34] - The fiscal revenue growth was uneven, with western provinces generally performing better than eastern and central regions[5][30] Industrial and Demand Structure - The contribution of the secondary industry to GDP growth increased, with industrial growth driving a 1.7 percentage point increase in actual GDP growth[7] - Consumer spending showed a decline, particularly in high-tier cities, while lower-tier cities experienced stronger growth[9] - Investment in manufacturing remained stable, but high-risk provinces faced weaker investment due to debt concerns[9][30]