Nanjing is expected to take the number 10 spot in the country in terms of GDP for the first time since the reform and opening-up in 1978, the 21st Century Business Research Institute said on Thursday.
As per the city’s proposal for 14th Five-Year Plan (2021-2025), Nanjing is projected to post nearly 1.5 trillion yuan ($232.13 billion) GDP in 2020. Nanjing ranked 11th in terms of GDP in late 2019 and will probably replace Tianjin, currently on the 10th place, based on data of the first three quarters in 2020.
The 21st Century Business Research Institute said Chongqing will surpass Guangzhou in economic aggregate to take the fourth place, according to proposals for 14th Five-Year Plans of the two. As a result, GDP ranking of the top four Chinese cities will shift from Shanghai, Beijing, Shenzhen, Guangzhou to Shanghai, Beijing, Shenzhen, Chongqing.
The research institute said cities with a GDP above 1 trillion yuan will expand as Fuzhou is expected to post a GDP of over 1 trillion yuan in 2020. Several cities in China have maintained a strong development potential against the COVID-19 pandemic, the institute added.