China’s Top 10 Economic Provinces Shine in Q1 2026, Boosting National Economic Recovery

As the first year of the 15th Five-Year Plan, the economic performance of various regions in the first quarter of 2026 has attracted widespread attention. China’s top 10 provinces in terms of gross domestic product (GDP) have taken the lead in delivering an impressive performance. Securities Daily reported that eight of these economic powerhouses achieved a GDP growth rate higher than the national average in the first quarter, giving full play to their role as regional growth poles and consolidating the "ballast stone" for the steady recovery of the national economy.

Tian Lihui, a professor of finance at Nankai University, stated in an interview with Securities Daily that the comprehensive development capacity of major economic provinces to "take on the main responsibility" has continued to improve. "On the one hand, the regional development model is accelerating iteration, gradually moving away from the extensive path of total inertial growth towards structural optimization and simultaneous improvement of quality and efficiency," he said. "High-tech manufacturing, industrial robots and other high-end industries have continued to expand production capacity and upgrade levels." On the other hand, the economic volume of major provinces accounts for a steadily increasing proportion of the country, with their radiating, driving and coordinating roles continuously strengthened, making them the core support for stabilizing national economic operation.

In terms of total GDP, Guangdong, Jiangsu and Shandong remained the top three in the first quarter of 2026, with GDP of 3.495 trillion yuan, 3.4483 trillion yuan and 2.4844 trillion yuan respectively. Zhejiang, Sichuan, Henan, Hubei, Fujian, Shanghai and Hunan followed closely, all with a GDP exceeding 1 trillion yuan.

In terms of growth rate, Shandong and Zhejiang achieved a 6.0% GDP growth in the first quarter; Shanghai, Sichuan, Jiangsu, Hubei, Henan and Fujian recorded growth rates of 5.9%, 5.5%, 5.4%, 5.4%, 5.2% and 5.1% respectively. Liu Xiangdong, chief analyst at Dongyuan Investment, told Securities Daily that the overall positive economic performance of major economic provinces in the first quarter directly reflects the solid foundation and strong resilience of China’s economy.

Domestic demand recovery has become the core driving force for the growth of leading provinces, with consumption and investment working together to continuously restore endogenous growth momentum. In the consumer sector, the national total retail sales of consumer goods increased by 2.4% in the first quarter, and seven provinces—Zhejiang, Sichuan, Shanghai, Henan, Guangdong, Shandong and Fujian—surpassed the national average. Upgraded consumption such as cultural tourism, health care, new energy vehicles and smart home appliances grew rapidly.

Investment also played an important role. For instance, Shanghai’s fixed asset investment increased by 7.6%; Sichuan and Zhejiang reversed the downward trend of fixed asset investment (excluding rural households), growing by 2.7% and 0.6% year-on-year respectively in the first quarter, indicating a steady recovery in market confidence.

Building on the sound start in the first quarter, various regions have focused on weak links and advantageous tracks around the 15th Five-Year Plan outline, continuously strengthening precise policy efforts. Hunan, Shandong and Zhejiang have all clarified key priorities for the next stage, aiming to promote sustained economic recovery and improvement.