Photo: provided to GDToday
On May 21, the Guangdong Provincial Bureau of Statistics released the economic performance report for January to April 2024, which paints a picture of a resilient and dynamically evolving economy. The province's focus on high-tech industries, stable consumer market, and strategic investments positioned it well for sustained growth and innovation in the coming years.
The province's industrial added value above the designated size reached over 1.24 trillion yuan, a 7.0% year-on-year increase, up 0.9 percentage points from the first quarter. Fixed-asset investment within the province grew by 0.4% year-on-year, with industrial investment rising by 20.1%. Consumer spending also showed positive trends, with total retail sales of consumer goods growing by 2.6% year-on-year and the Consumer Price Index (CPI) remaining flat compared to the previous year, indicating a slight increase from the first quarter.
High-tech sectors see notable growth
The first four months of this year have seen Guangdong's industrial economy accelerate, characterized by a broader scope of industry growth and increased efficiency.
Specifically, by category, the value-added of computer, communication, and manufacturing of other electronic devices grew by 18.3%, electrical machinery and equipment manufacturing by 4.3%, petroleum, coal, and other fuel processing by 21.1%, and chemical raw materials and chemical products manufacturing by 6.1%.
High-tech product output surged, with the production of new energy vehicles, smartphones, integrated circuits, and industrial robots increasing by 20.7%, 27.8%, 39.5%, and 43.0%, respectively.
Adjustment of economic priorities suggested by mixed investment trends
In the first four months, Guangdong's fixed-asset investment rose by 0.4% year-on-year, slowing down compared to the 4.0% growth in the first quarter. However, industrial investment remained robust, with a 20.1% increase.
Advanced manufacturing and high-tech manufacturing investments grew by 21.4% and 32.2%, respectively. Infrastructure investment grew by 3.4%, with significant contributions from the electricity and heat production and supply sector (up 18.1%), railway transportation (up 9.7%), and software and information technology services (up 34.5%). Conversely, real estate development investment fell by 14.1%, and the sales of commercial housing space dropped by 34.1%.
This shift reflects a broader reallocation of capital towards the high-tech and infrastructure sectors, potentially signalling a strategic pivot in the province's economic planning.
Consumption landscape remained dynamic
In terms of consumption, Guangdong showed a robust performance across different consumer segments, underscoring the province's dynamic consumption landscape and the growing significance of e-commerce in driving retail growth.
The province's total retail sales of consumer goods reached over 1.58 trillion yuan in the first four months, up 2.6% year-on-year. Urban market retail sales grew by 2.2%, while rural market retail sales increased by 5.0%.
Online retail sales continued to grow rapidly, with retail sales of goods through public networks by units above designated size increasing by 7.9%.
Expanding connectivity bolstered by vibrant transportation and logistics
During this period, freight volume and turnover increased by 1.2% and 4.1%, respectively. Civil aviation saw significant growth, with freight volume and turnover up by 27.3% and 24.4%, respectively. Port cargo throughput surged by 5.9%. Passenger travel demand remained robust, with a notable 18.1% increase in passenger traffic, including a 19.9% rise in high-speed rail passengers and a 30.2% boost in passenger turnover.
These trends underscore the resilience and vitality of Guangdong's transportation sector, reflecting sustained economic activities and the growing connectivity within the region.
Reporter: Eastbrook
Editor: Nan, James
