Analysts said such a shift would not significantly affect the country’s GDP growth this year but would lay a solid foundation for future development.
The 31 provinces, municipalities and autonomous regions of the Chinese mainland have released their GDP figures and adjusted the wording on how they will develop their economies this year, aiming for growth quality and sustainability.
Guangdong province registered GDP of 8.99 trillion yuan ($1.42 trillion) in 2017, the 29th year that it topped the local rankings. It is roughly equivalent to the economy of South Korea, which ranked 11th globally among nations in GDP in 2016, according to the World Bank.
Next are Jiangsu and Shandong, whose GDP stood at 8.59 trillion yuan and 7.27 trillion yuan respectively.