粤开宏观：2025年中国区域经济版图：东进西稳，南升北降

GDP Overview - In 2025, China's GDP grew by 5.0%, reaching a nominal GDP of 140 trillion yuan (approximately 19.6 trillion USD) for the first time[1] - The top eight economic provinces contributed over 53.0% of the national GDP, accounting for 58.1% of the GDP increment[2] - Guangdong maintained its position as the largest province with a GDP of 14.6 trillion yuan (2.04 trillion USD), ranking 12th globally[3] GDP Growth Rates - 18 provinces achieved a GDP growth rate exceeding 5%, with Tibet leading at 7%[4] - Guangdong's GDP growth was 3.9%, remaining below the national average for five consecutive years[5] - 26 provinces had nominal GDP growth rates lower than their actual growth rates, indicating persistent demand issues[6] Fiscal Revenue - Local fiscal revenue grew by 2.4% in 2025, with 27 provinces reporting positive growth[7] - Tibet, Jilin, and Xinjiang had the highest fiscal revenue growth rates at 14.7%, 13.3%, and 10.5% respectively[8] - Major economic provinces like Guangdong and Jiangsu saw significant improvements in fiscal revenue growth compared to 2024[9] Regional Economic Structure - The economic structure showed a "south rising, north declining" trend, with southern provinces increasing their GDP share to 64.9%[10] - Eastern provinces focused on high-tech and efficient industries, while western provinces experienced stable growth driven by new industrialization[11] - The nominal GDP growth rates for eastern, central, western, and northeastern regions were 4.3%, 4.4%, 4.1%, and 2.7% respectively[12]