Shanghai's GDP ranks 1st nationwide last year

Shanghai, Beijing and Shenzhen were the top 3 Chinese cities in terms of GDP last year, Chinese news portal Jiemian reported on Tuesday.

With a respective GDP of 4.47 trillion yuan (US$660 billion), US$617 billion and US$480 billion, Shanghai, Beijing and Shenzhen claimed the first three positions on the list of top Chinese cities in GDP.

Chongqing replaced Guangzhou and claimed fourth place for the first time in 2022, with Suzhou ranking sixth, followed by Chengdu.

Chongqing witnessed 2.6 percent year-on-year GDP growth in 2022 to reach US$431 billion and Guangzhou posted 1 percent year-on-year GDP growth to reach US$427 billion in the same period.

Looking from a middle and long-term perspective, Chongqing has greater growth potential than Guangzhou as Chongqing's GDP per capita is only half that of Guangzhou, said Xu Tianchen, an economic analyst at the Economist Intelligence Unit.

A GDP of one trillion yuan is an indicator of a strong economic city and China has 24 such cities, according to data from local governments.

It indicates that China remains an important engine for global growth despite the influence of the COVID-19 pandemic.