Chart of the Day: Chongqing Eclipses the Rust Belt － A Symbolic Shift in China’s Economy
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The 2025 economic data for China’s provinces is in, and the rankings contain a milestone moment: Chongqing has officially overtaken Liaoning in GDP. It is more than a statistical reshuffling; it is the latest footnote in the widening divergence between China’s booming South and its stagnation-prone North.
In 2025, Chongqing’s GDP hit 3.38 trillion yuan ($490 billion), an expansion of 171.1 billion yuan from the previous year. The municipality posted nominal and real growth rates of 5.34% and 5.3%, respectively. By contrast, Liaoning’s GDP stood at 3.32 trillion yuan, adding only 64.2 billion yuan. Its nominal and real growth rates — 1.97% and 3.7% — lagged significantly behind the national average.
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- In 2025, Chongqing’s GDP reached 3.38 trillion yuan, surpassing Liaoning’s 3.32 trillion yuan, marking a key economic shift between China’s south and north.
- Chongqing’s growth was driven by modern industry (notably NEVs and electronics), population stability, and strong consumption, while Liaoning struggled with industrial transition and population loss.
- The South’s rise is highlighted by Chongqing and Sichuan now far outpacing Liaoning, once their economic peer.
- BMW
- In 2025, Shenyang's industrial output fell significantly, largely due to its dangerous dependence on BMW's joint venture in China. This reliance highlights its struggle to transition from traditional industries, unlike Chongqing which has diversified into new-energy vehicles and laptops.
- 1978：
- At the dawn of market reforms, the GDP of Sichuan (including Chongqing) was roughly equal to that of Liaoning.
- Before 1997：
- Chongqing was part of Sichuan province.
- 1997：
- Chongqing was separated from Sichuan and became a direct-controlled municipality; both new Sichuan and Chongqing initially trailed Liaoning in GDP.
- By 2006：
- Sichuan overtook Liaoning in GDP.
- 2020-2024：
- Between these years, Chongqing's permanent population dipped by 185,300, while Liaoning lost 1.04 million residents.
- 2025：
- Chongqing's GDP hit 3.38 trillion yuan, overtaking Liaoning, whose GDP was 3.32 trillion yuan. Dalian became the first city in the Northeast to surpass 1 trillion yuan in GDP.
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