On October 25, Guangzhou Statistics Bureau released the statistics on the economic performance of Guangzhou in the first three quarters of this year. It showed that, in the first three quarters, the local GDP of Guangzhou reached RMB1.403778 trillion, up 8.1% year-on-year, which was 0.1 percentage point higher over the first half of the year and 1.4 and 0.8 percentage point higher than that of the whole country (6.7%) and that of the whole province of Guangdong (7.3%). Since the beginning of this year, Guangzhou has been maintaining a GDP growth of above 8% for three consecutive quarters, which allows the city to continue to hold the third place among the Chinese cities in terms of economic development.

 

The statistics indicated that, in the first three quarters, Guangzhou realized total output value of industrial enterprises above designated size of RMB1.457647 trillion, with added value of RMB362.727 billion, up 7% year-on-year.

 

The Internet industry with substantial strength in economic development and related industries have fully stimulated the aftereffect of the “thousand-year-old city of business” to step toward the innovation-driven “main engine”. In accordance with the statistics, from January to August, the new types of businesses of the Internet industry had been leading a growth of the service industry; the Internet and related industries above designated size saw an increase of operating income of 66%. At the same time, the shift of the sensitive capitals has been accelerated. In the first three quarters, investment in service industry had an increase of 14.6%, accounting for 87% of the total investment of the city.

 

Source: Translated from Invest Guangzhou, October 26, 2016