Chongqing leads the rankings with the fastest GDP (gross domestic product) growth rate in the first quarter of 2015 (10.7 percent), according to the latest GDP statistics released by provincial statistical bureaus and Wind Information Co. Ltd., a leading provider of financial data, information and software.

A total of 18 provinces and regions surpassed the 7-percent national GDP growth rate in the first quarter of 2015. However, Liaoning Province had only a 1.9-percent growth rate, ranking last in the country.

Liu Shuwei, director of the Chinese Enterprise Research Center at the Central University of Finance and Economics said that the three provinces in northeast China are experiencing growing pains as they undertake their economic restructuring, but many state-owned large and medium-sized enterprises have found or are searching for new points of economic growth there.

Liu also said that there are lots of small enterprises with new business models and private enterprises in northeast China that are not included in the statistics. She claimed that many of these enterprises will provide the momentum for the future of the economy of northeast China.

Additionally, due to the recent integration of Beijing, Tianjin and Hebei Province, both Tianjin and Hebei performed very well in the first quarter of 2015.

Let's take a look at the 10 provinces and regions with the highest GDP growth rates in Q1 2015:

  Hunan

Growth rate:8.4 percent