Chinese exports grew less than expected in November, fueling fears of a further economic slowdown. But exports from western inland Chinese regions have never grown so fast as in 2012, beating export growth rates of the rich industrial coastal regions.
Chinese export growth declined to 2.9 per cent in November from 11.6 per cent in October. On a rolling 12-month sum exports grew at an annual rate of 7.9 per cent in November, a figure well below the more than 30 per cent growth of the late 2010 and early 2011 and marks a 28-month record low. But not all regions in China experienced the same slowdown.
Whilst the slowdown in China’s headline rate of growth has been extensively covered, what deserves more careful attention is its regional component.
This chart shows the economic growth rate in Q1 2012 of the various Chinese regions and their relative importance, sourced from China’s National Bureau of Statistics.
The growth of smaller regions was more volatile and was generally faster than for larger regional economies. Tianjin – a metropolis in northern China along the coast that boasts the highest GDP per capita in the country – had an impressive double digit growth, but its impact on the national number was fairly limited as it accounts for just above 2 percent of national production. Read more