In 2016, the Changzhou local authorities adhered to the principle of steady and progressive development, actively practiced new ideas and concepts, enhanced the supply side reform, accelerated transformation and upgrading, proactively promoted city-industry integration, and worked hard to improve people’s living standards. As a result, the city maintained a steady economic and social development and ushered in the 13th “Five Year Plan” period with a good start.
I. Overview of the Local Economy
The local economy maintained a steady growth. Preliminary accounting shows that Changzhou’s gross domestic product (GDP) of 2016 hit 577.39 billion RMB, up by 8.5% (calculated at constant prices) in comparison to 2015. Of this total, the value added of the primary industry reached 15.27 billion RMB, down by 0.9%; that of the secondary industry grew by 7.4% to 268.23 billion RMB; and that of the tertiary industry grew by 10.1% to 293.89 billion RMB. The per capita GDP (by permanent resident population) topped 122,721 RMB, equal to 18,476 US dollars (converted at the average exchange rate). The percentages of the primary, secondary and tertiary industries in the economy were adjusted to 2.6%:46.5%:50.9%. The percentage of the tertiary industry was up by 1.4 percentage points. The value added of the private sector grew by 8.6% to 388.23 billion RMB (calculated at constant prices), taking up 67.2% of the total local GDP.
Fiscal revenues slowed down. In 2016, the general public budgetary revenues grew by 3% to 48.03 billion RMB, among which tax revenues grew by 2.5% to 38.32 billion RMB, accounting for 79.8% of the total. And among all major tax revenues, value added tax (VAT) revenues (including those transformed from the business tax) reached 13.25 billion RMB, business tax revenues reached 5.52 billion RMB and corporate tax revenues reached 5.13 billion RMB. The general public spending in 2016 increased by 4.2% to 50.55 billion RMB, among which spending on education hit 8.35 billion RMB, that on social security and employment hit 5.6 billion RMB, that on health care and family planning hit 4.32 billion RMB, and that on science and technology hit 2.74 billion RMB.
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