BUSINESS Guangdong's industrial growth picks up in first quarter

BUSINESS

Guangdong's industrial growth picks up in first quarter

Xinhua

14:17, April 22, 2019

GUANGZHOU, April 22 (Xinhua) -- The total output of industrial enterprises above designated size in Guangdong Province grew by 6.5 percent year-on-year in the first quarter, the highest in nearly nine months, said the provincial statistics bureau Sunday.

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File photos: CGTN

The southern province's gross domestic product reached 2.39 trillion yuan ($356.5 billion) in Q1, a year-on-year increase of 6.6 percent, said Wang Liying, an official with the bureau.

High-tech manufacturing industry recorded the highest growth rate of 9.6 percent, accounting for nearly one-third of Guangdong's total industrial added value.

Private enterprises contributed to nearly 85 percent of the province's value added of the industrial enterprises above designated size, with a growth rate of 11.5 percent.

Measures of tax cuts and fee reductions began to pay off in Guangdong and gave a strong boost to the market confidence in Q1, said Wang.

Guangdong continued to see double-digit growth in investment in Q1, a rise of 11.2 percent. Investment in sectors including education, information transmission, software and information technology all grew by over 45 percent.

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