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Jingzhou achieves steady economic recovery in first three quarters with work and production resumption under way
Updated: 2020-11-05 16:05:16

Facing the huge impact of the Covid-19 outbreak, and the complex and grim domestic and foreign environment, Jingzhou has coordinated epidemic prevention and control and economic and social development in a coordinated manner, pressed ahead with work, production, business and market resumption, significantly improved in production, gradually restored market demand, narrowed declines of key economic indicators month by month, and achieved steady economic growth.

Jingzhou registered GDP of 163.93 billion yuan in the first three quarters of 2020, down 11.7 percent year on year at a comparable price, narrowing the decline by 7.6 percent compared to the first half of 2020, ranking 4th in Hubei. The primary industries, the secondary industries and the tertiary industries achieved an added value of 33.547 billion yuan, 54.742 billion yuan and 75.642 billion yuan, down 2.9 percent, down 16.9 percent and down 10.4 percent year on year respectively.

Agricultural production was basically steady. The added value of Jingzhou's agriculture, forestry, animal husbandry and fishery in the first three quarters was 36.002 billion yuan, down 2.3 percent year on year at a comparable price, narrowing the decline by 0.7 percent compared to the first half. Jingzhou's autumn grain sowing area increased steadily and key autumn grain crops grew well, promising a bumper harvest.

Industrial economy recovery accelerated, enterprise production resumption went smoothly and key industry restoration sped up. Jingzhou's above-scale industrial added value in the first three quarters was down 14.4 percent year on year, narrowing the decline by 11.9 percent compared to the first half. The year-on-year growth of the value exceeded 10 percent for the first time in September, registering year-on-year growth for the fifth straight month since the beginning of this year.

Investment recovered steadily. The real estate industry played a significant role in driving investment and the investment structure was optimized. In the first three quarters, Jingzhou's fixed assets investment in the first three quarters was down 37 percent year on year, narrowing the decline by 26.2 percent compared to the first half, registering year-on-year growth for the third straight month.

Consumer market recovery accelerated, wholesale, retailing, accommodation and catering gradually returned to normal, the consumption of upgraded commodities recovered strongly and online shopping played a prominent role. Jingzhou's total retail sales of consumer goods in the first three quarters were 84.11 billion yuan, down 29.4 percent year on year, narrowing the decline by 5.9 percent compared to the first half.

The service sector recovered steadily. Driven by entertainment operators like Fantawild and Xiaomeisha Resort, the culture, sports and entertainment industry achieved revenues of 268 million yuan, up 63.4% year on year.

The high-tech sector continued to recover and more enterprises achieved growth. Among Jingzhou's 387 high-tech manufacturers, 107 achieved year-on-year growth of total output value in the first three quarters. Among six high-tech manufacturing fields, two leading fields-new materials manufacturing and advanced equipment manufacturing grew faster.

Finance, fiscal revenues and import & export grew steadily. Jingzhou's total RMB deposit balance was 375.19 billion yuan as of late September, up 9.9 percent year on year and up 35.663 billion yuan from the beginning of this year. Jingzhou's total RMB loan balance was 214.229 billion yuan, up 15.9 percent year on year and up 23.967 billion yuan from the beginning of this year. The decline in fiscal revenues was narrowed. Import & export continued to improve.


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