Tianjin's GDP growth rate stood at 12.6% during the first three quarters of this year, topping the list of the 31 province-level regions of Mainland China, according to a government report, which noted that Tianjin is likely to maintain its lead during the last quarter of 2013.
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Tianjin has been in the top spot since 2010 with a GDP growth of 17.4% in 2010, 16.5% in 2011 and 13.8% in 2012, Shanghai's First Financial Daily reported. The autonomous region of China was able to maintain high growth for several years because of a relatively lower benchmark and abundant natural resources, such as coal. In addition, the wealth generated by the natural resources also boosted investments in the housing market.
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Although Inner Mongolia and Tianjin have regularly captured the top spot in the country over the past 11 years, the cities that rankedsecond and third are constantly changing. The cities in the second and third spots on the list before 2008 were mostly from China's eastern region, whereas after 2008 these spots were mostly taken by cities in the western region after 2008, which indicated a change in China's economic situation.
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Since China's entry into the World Trade Organization, its coastal region had continued to grow rapidly, which has resulted in new expansion for the national economy. This was evident in the acceleration of urbanization, and the massive investment in the construction of infrastructure and cities and in the real-estate market. The trend was halted, however, by the global financial crisis of 2008 when the eastern provinces took the brunt of the damage as they rely heavily on international trade. The region's economic growth plunged, dragging down the entire economy.
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Although Inner Mongolia maintained high economic growth in 2008 and 2009, its growth has slowed down due to declining coal prices.
The government also started tweaking its policies for the benefit of the mid and western regions of China after the financial crisis, which has enhanced investment in the less developed areas of the country.
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Tianjin's GDP growth rate stood at 12.6% during the first three quarters of this year, topping the list of the 31 province-level regions of Mainland China, according to a government report, which noted that Tianjin is likely to maintain its lead during the last quarter of 2013.
