As of now, the GDP of the first three quarters of 2024 for China's 26 cities with trillion-yuan GDP has been fully released.

Table: GDP of the First Three Quarters for 26 Cities with Trillion-Yuan GDP

Source: Flintstone Creation Industry Data Center, Industrial Data Access

In terms of growth rate, 17 cities have higher growth rates than the national average (4.8%), with Quanzhou leading the pack at 6.6%; Nantong, Fuzhou, Chongqing, Suzhou, and Wuxi all recording growth rates of 6% or higher; Chongqing ranks fourth, and its GDP gap with Guangzhou is gradually widening, increasing from a RMB 7.1 billion difference in the first quarter to a RMB 109.4 billion difference in the first three quarters; Guangzhou and Foshan maintain low growth rates of 2% and 1.9%, respectively, with a significant gap from other cities.

This 'report card' represents the economic performance of each city in the first three quarters. However, temporary leads or lags do not determine the final outcome. It is certain that the city competition landscape will become increasingly diverse, and future competition will be fiercer.

To reflect the development potential of cities to some extent, Flintstone Creation, relying on its Industrial Data Center, has compiled statistics on the addition of new enterprises in the first three quarters of 2024 in 26 trillion-yuan cities, indirectly reflecting the activity of the city's economy and providing a reference for measuring the vitality of regional industrial development.

Access Flintstone Creation's Industrial Data Access to view the addition of new enterprises in various industries and regions????

Overview of the Addition of New Enterprises in Trillion-Yuan Cities

Guangzhou Ranks First in the Total Number of New Enterprises

In the first three quarters of 2024, a total of 2.366 million new enterprises were added in 26 cities. Among them, Guangzhou (280,000), Shanghai (230,000), Shenzhen (225,000), Beijing (164,000), and Wuhan (158,000) ranked in the top five in terms of the number of new enterprises. Compared to the GDP ranking for the first three quarters, Zhengzhou and Dongguan replaced Suzhou and Nanjing, entering the top 10 in the number of new enterprises.

Figure: Number of New Enterprises in the First Three Quarters in 26 Cities Source: Flintstone Creation Industry Data Center, Industrial Data Access

Dongguan Leads in the Increment of Industrial Enterprises

Industrial enterprises are an important indicator for measuring the scale of a region's industrial economy. In the first three quarters of 2024, Dongguan topped the list in the number of added industrial enterprises, followed by Shenzhen, Guangzhou, Foshan, and Ningbo in the top five. (Note: Values are based on enterprises classified as industrial enterprises according to the national economic industry classification, including mining, manufacturing, and the production and supply of electricity, gas, and water.)

Figure: Number of New Industrial Enterprises in the First Three Quarters in 26 Cities Source: Flintstone Creation Industry Data Center, Industrial Data Access

From the perspective of manufacturing alone, the top five cities with new enterprises are Dongguan, Guangzhou, Foshan, Suzhou, with Ningbo ranking sixth.

Figure: Number of New Manufacturing Enterprises in the First Three Quarters in 26 Cities Source: Flintstone Creation Industry Data Center, Industrial Data Access

'Emerging Industries' Momentum in Trillion-Yuan Cities

From the perspective of the layout of emerging industries, in the first three quarters of 2024, a total of 1.069 million new enterprises were added in 26 cities, accounting for 45% of the total new enterprises. Specifically, energy conservation and environmental protection, digital creativity, and the biotechnology industry topped the list in terms of the number of new enterprises.

Figure: Number of New Enterprises in Nine Emerging Industries

Source: Flintstone Creation Industry Data Center, Industrial Data Access

Analyzing the addition of new enterprises in emerging industries in 26 cities, it is found that:

Shenzhen Has the Most Extensive Layout in Emerging Industries

Shenzhen, Guangzhou, and Shanghai have the most extensive layouts in the nine emerging industries, with these cities ranking in the top five in terms of the number of new enterprises in at least seven emerging fields. Especially Shenzhen, the only city among the 26 trillion-yuan cities where the number of new enterprises in all nine emerging industries ranks in the top five. It ranks first in the number of new enterprises in related services, energy conservation and environmental protection, the biotechnology industry, and digital creativity.

Figure: Number of New Digital Creativity Enterprises in the First Three Quarters in 26 Cities Source: Flintstone Creation Industry Data Center, Industrial Data Access

Figure: Number of New Biotechnology Enterprises in the First Three Quarters in 26 Cities Source: Flintstone Creation Industry Data Center, Industrial Data Access

Figure: Number of New Energy Conservation and Environmental Protection Enterprises in the First Three Quarters in 26 Cities Source: Flintstone Creation Industry Data Center, Industrial Data Access

Figure: Number of New Related Service Enterprises in the First Three Quarters in 26 Cities Source: Flintstone Creation Industry Data Center, Industrial Data Access

Guangzhou Leads in New Enterprises in New Materials, High-End Equipment Manufacturing, and New Energy Vehicles

From a GDP perspective, Guangzhou's economy is under pressure at this stage. The added value of Guangzhou's above-scale industrial enterprises declined by 0.8% year-on-year in the first half of the year, and the decline narrowed to 2.2% in the first three quarters. In particular, the added value of Guangzhou's automobile manufacturing industry declined by 17.4% year-on-year in the first three quarters. However, in terms of the number of new enterprises, Guangzhou leads in new materials, high-end equipment manufacturing, and new energy vehicles, demonstrating significant potential for the transition between old and new growth drivers.

Figure: Number of New Material Enterprises in the First Three Quarters in 26 Cities Source: Flintstone Creation Industry Data Center, Industrial Data Access

Figure: Number of New Energy Vehicle Enterprises in the First Three Quarters in 26 Cities Source: Flintstone Creation Industry Data Center, Industrial Data Access

Figure: Number of New High-End Equipment Manufacturing Enterprises in the First Three Quarters in 26 Cities Source: Flintstone Creation Industry Data Center, Industrial Data Access

Shanghai Ranks First in New Enterprises in the New Energy Industry

Shanghai is one of the cities with the highest concentration of the new energy industry in China. In the first three quarters of 2024, Shanghai topped the list of 26 trillion-yuan cities in terms of the increment of new energy enterprises.

Figure: Number of New Energy Enterprises in the First Three Quarters in 26 Cities Source: Flintstone Creation Industry Data Center, Industrial Data Access

Wuhan Leads in the Increment of New-Generation Information Technology Enterprises

In recent years, Wuhan has made comprehensive layouts in the new-generation information technology industry, covering optoelectronic information, artificial intelligence, integrated circuits, new displays, smart terminals, and other fields. With Donghu High-tech Zone as the core, an agglomeration effect has been formed.

Figure: Number of New New-Generation Information Technology Enterprises in the First Three Quarters in 26 Cities Source: Flintstone Creation Industry Data Center, Industrial Data Access