Hebei's GDP approaches 5t yuan during 14th Five-Year Plan period

North China's Hebei province has witnessed steady economic and social progress during the 14th Five-Year Plan period (2021-25), with its regional GDP approaching five trillion yuan ($704 billion), senior officials announced on Wednesday.

The province's economic structure was optimized, marked by a rising service sector contribution, Yang Yongjun, director of the Hebei Development and Reform Commission, said at a press conference held by the Information Office of the Hebei Provincial People's Government.

A series of breakthrough and landmark achievements were achieved in implementing the national strategy for the coordinated development of the Beijing-Tianjin-Hebei region.

High-speed rail now connects all prefectural-level cities with the provincial capital.

Xiong'an New Area, a national landmark, has seen accumulated investments exceeding a trillion yuan, with its average annual investment growth rate during the 14th Five-Year Plan period reaching 19.8 percent, Yang said.

According to the director, the province also strengthened its innovation capacity, with the number of high-tech enterprises reaching 15,500. R&D investment maintained an average annual growth rate of over 10 percent.

Hebei emerged as a national leader in energy transition. Its renewable energy installation capacity rose to 140 million kilowatts, accounting for 72.3 percent of its total power capacity, he said. The scale of its pumped-storage hydro projects now ranks first in the country.

Efforts to improve the business environment also paid off, as Hebei was recognized in 2023 as the most improved province in this regard. The number of market entities in 2024 increased by over 1.97 million since 2020, Yang said.

On the environmental front, air and water quality saw remarkable improvements. All prefectural-level cities exited the list of the country's 10 most polluted cities for three consecutive years.

These achievements have laid a solid foundation for Hebei to embark on the 15th Five-Year Plan period, Yang said.

Zhao Rixi contributed to the story.