According to the Guangzhou Municipal Statistics Bureau, Guangzhou witnessed smooth economic growth during the first three quarters of this year. The gross regional product totaled RMB592.166 billion, up by 12.1% over the same period of last year and higher than the projected annual growth of 12% in 2008. Meanwhile, the average growth in China and Guangdong Province was 9.9% and 10.4% respectively. In addition, the average income for employees in the urban areas increased by 13.9%.

Statistics showed that the added value generated by the primary, secondary and tertiary industries totaled RMB11.584 billion, RMB236.203 billion and RMB344.379 billion in the first nine months. The tertiary industry has become the major engine of Guangzhou's economic growth, promoting economic growth by 7.7%.

Despite the global financial crisis, financial institutions ran smoothly in Guangzhou. According to the statistics, by the end of this August, the deposits totaled to RMB1,572.7 billion, up by 9.9% compared with early 2008. The deposits by urban and rural residents totaled RMB624.186 billion, up by 11.7% over the beginning of 2008. Meanwhile, the loans amounted to RMB953,569 billion, up by 9.1% compared with early 2008. The deposit and loans in foreign currency were USD7.094 billion and USD13.373 billion, up by 6.3% and 5.7% respectively over the beginning of 2008.

Editor: Yan