Published: 13:05, April 25, 2024 | Updated: 14:27, April 25, 2024
Guangdong’s GDP grows 4.4% yearly in the first quarter
By Zhou Mo in Shenzhen
This photo taken on April 17, 2024 shows an exhibitor's booth at the 135th session of the China Import and Export Fair, also known as the Canton Fair, in Guangzhou, south China's Guangdong province. (PHOTO / XINHUA)  

Guangdong province’s gross domestic product reached 3.15 trillion yuan in the first quarter, growing 4.4 percent year-on-year, as secondary industry continued to provide strong support for the manufacturing hub.

The Guangdong Provincial Bureau of Statistics on Wednesday announced that the rate of growth is 0.4 percentage points higher than that for the same period a year earlier.

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Value-added of secondary industry amounted to 1.17 trillion yuan in the first three months, rising 6.1 percent on a yearly basis. Specifically, larger enterprises and manufacturing performed well, growing 6.1 percent and 6 percent, respectively.

“The support of secondary industry for Guangdong’s economy is evident,” said Yang Xinhong, director of the Guangdong Provincial Bureau of Statistics.

This undated photo shows the Qianhai and Shekou area of Guangdong Pilot Free Trade Zone. (PHOTO / XINHUA)

Tertiary industry, or the service industry, of Guangdong province generated 1.87 trillion yuan in added value in the first quarter, growing 3.5 percent year-on-year. Retail sales increased by 3.8 percent over the same period.

Positive changes have emerged in the field of consumption in Guangdong, Yang said.

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To make consumption play a bigger role in economic growth, income growth is the most important driving force on one hand, he noted. On the other hand, more services and products related to consumption upgrading need to be provided, while stimulating consumption through more active and precise policies are important, he added.

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“Guangdong has had a good start in economic performance (this year). We will strive to strengthen positive changes through our efforts and policies,” Yang said.

Meanwhile, Guangdong’s pilot free trade zones are contributing more to the province’s foreign trade. According to the Customs, exports and imports of Guangdong’s pilot free trade zones amounted to 159.2 billion yuan in the first three months, with its share to province’s total foreign trade increasing to 7.8 percent.