From January to October this year, Guangdong's economy continued to maintain a stable recovery trend, with key indicators steadily growing. During this period, the total value added of industrial enterprises above the designated size of the province reached 3.33 trillion RMB, a year-on-year increase of 3.6 percent, marking six consecutive months of growth, data from the Bureau of Statistics of Guangdong Province revealed.
The stable growth in the export of mechanical and electrical products, as an advantageous industry in Guangdong, supported the rebound of the total value added of industrial enterprises above the designated size of the province in the first ten months of this year. Data shows that during this period, Guangdong's export of mechanical and electrical products increased by one percent, accounting for 65.4 percent of the total value of the province's foreign trade exports.
The development momentum of the new energy vehicle industry has also boosted the expansion of the supply of mechanical and electrical products. In the first ten months, the production of new energy vehicles in Guangdong increased by 88.7 percent year-on-year.
Since the beginning of this year, Guangdong started to gain sound results by promoting industrial investment. From January to October this year, industrial investment in the province increased by 23.3 percent, with investment in manufacturing growing by 19.6 percent. The scale of investment in new drivers of growth in the province also continues to expand, with investment in high-tech and advanced manufacturing increasing by 20.6 and 17.5 percent, respectively.
In November, Guangdong released ten measures for reducing manufacturing costs to ease the burden on manufacturing enterprises. It proposes specific measures on taxes, electricity, logistics, financing, and social insurance to help enterprises reduce production costs. For example, it supports high-tech enterprises in participating in cross-border financing facilitation pilot programs.
From the perspective of consumption, Guangdong's market experienced stable growth in sales during the first ten months, with a strong demand for upgraded products. During this period, the total retail sales of consumer goods in the province reached 3.93 trillion RMB, a year-on-year growth of 5.3 percent. Specifically, the retail sales of goods increased by 3.3 percent, while revenue in the catering industry increased by 23.2 percent.
Reporter | Nancy Ye
Poster | Lulu
Editors | Olivia, Nan, Abby, James
