At the Mayor's Working Meeting held on October 9, Mayor Zhang Guangning disclosed that preliminary estimates show that the growth rate of Guangzhou's GDP in the first 9 months this year reached 10.5%. The original 10% growth rate target planned at the beginning this year has been exceeded in the first three quarters.

Mayor Zhang noted that the data exceeded expectations. Moreover, an abrupt increase in the number of motor vehicles applying for license plates also shows a booming market this year.

Some experts stated that, thanks to the recovery of the macro economy and the massive investments being made before the Asian Games, there is no doubt that Guangzhou's GDP will show double-digit growth this year. With the recovery of exports in the fourth quarter and the increase in investments, the growth rate will hopefully expand further.

Data show that Guangzhou's GDP increased only 8% in the first quarter, recovering to 9.5% from January to August. The total industrial output in the first quarter increased only 3%, yet moved up to 6.9% from January to August.

Editor: Miranda