Ranking first nationwide or in South China in terms of many economic indicators in first three quarters
The detailed economic data on the performance in the first three quarters successively released by the government of Guangzhou recently indicated that, Guangzhou has a good performance in the implementation of the strategy of "stability, substantial progress, good industrial structure and flexibility" and therefore stably holds the position as China’s No.3 city in terms of economic development and becomes a source of driving force and growth pole for the provincial and even national development.
Stable economic operation with substantial progress
The stable economic operation is the primary characteristic of the economic performance of Guangzhou in the first three quarters. The local GDP of the city reached more than RMB1.4 trillion, up 8.1% year-on-year, respectively 1.4 and 0.8 percentage points higher than national level (6.7%) and provincial level (7.3%).
The growth of about six percentage points in terms of three indicators, namely total electricity consumption, volume of freight and volume of passenger transportation, reflects that Guangzhou achieved a stable performance at the same time of securing substantial progress.
The position of Guangzhou as a hub has been further highlighted. The port container throughput increased by 6.2%, ranking first among all the main ports of China in terms of growth. On September 27, the project to expand the deep-water channel of Guangzhou Port was launched. The project will meet the standard to allowing for two-way navigation of 100,000-ton container vessel and 150,000-ton container vessel. The channel extending from Nansha Port area to the Pearl River estuary, which is 66.6 kilometers long, will be expanded and deepened. Many shipping giants have taken quick response, and COSCO Shipping Bulk Co., Ltd, which is the world’s biggest bulk cargo transportation agent, established its headquarter in Guangzhou three months ago.
Airport passenger throughput reached 44.17 million person-times, up 7.0%, ranking third among China’s main airports in terms of total quantity and second among China’s top three air transport hubs in terms of growth.
Centering on the construction of three strategic hubs, including international shipping, air transport and science and technology innovation hubs, investment of RMB27.4 billion has been made in 53 projects, accounting for more than 80% of that under the annual investment plan. This further enhances the advantages for further development. In the first three quarters, the city’s total investment in fixed assets increased by 13.1%. Specifically, the private investment increased by 8.9%, while the investment in infrastructure increased by 23.2% and the industrial investment increased by 6.5%.
"Two wheels" drive the formation of a good industrial structure
In the first three quarters of this year, the output value of Guangzhou’s three pillar industries, including auto, electronics and petrochemical industries, saw an increase of 10.1%. It is worth mentioning that, the output value of high-tech products accounted for 45.8% of the total output value of industrial enterprises above designated size, up 1.1 percentage point year-on-year. The added value of strategic emerging industries nearly had a double-digit increase. The number of granted patents for invention had an increase of more than 40%.
A trend driven by "two wheels", namely modern services and advanced manufacturing, has been formed up. The characteristic by virtue of a good industrial structure has been highlighted.
Relevant data indicated that, in the first three quarters of this year, the modern service sectors, including the information service, business service and financial service sectors, all realized a two-digit increase. The operating incomes of the software and IT service industry above designated size, the research and experimental development industry and the leasing and business service industry respectively increased by 23.6%, 25.1% and 12.9%.
Averagely 700 new bosses appear every day
Relevant data indicated that, in the first three quarters, there were 190,000 newly registered business organizations of different types in Guangzhou, up 22% year-on-year. In average, 700 new bosses appeared every day. The number of newly registered domestic-funded enterprises increased by 33.7%, while that of newly registered foreign-funded enterprises increased by 29.1%.
Financial enterprises also concentrate in Guangzhou. This year, four corporate financial institutions, including Finance Company of GAC Group, Finance Company of Guangzhou Development Group, Fortune & Royal Assets and Fosun Health Insurance Company, settled down in Guangzhou. Moreover, in the first nine months of this year, 320 VC and PE organizations were established in Guangzhou.
Ranking first among main Chinese cities in terms of growth of direct financing in the first half of the year, Guangzhou saw an increase of social financing of RMB402.8 billion in the first three quarters, up 50.7% year-on-year, which enables the city to become a financing highland in South China, with added value of finance industry increasing by 10.9%.
(Invest Guangzhou)
