Guangdong's economic operation stabilized and rebounded
2023-03-27
On March 25th, the Provincial Bureau of Statistics released a brief account of Guangdong's economic operation. According to data, from January to February this year, the overall economic operation of Guangdong Province showed a steady recovery trend, with the added value of industries above designated size in the province reaching 521.906 billion yuan. Despite a year-on-year decrease of 1.5%, the decrease was 2.3 percentage points narrower than in December of the previous year. Among them, new energy industries such as power batteries and photovoltaic have developed rapidly, and the electrical machinery and equipment manufacturing industry has increased by 7.2%. From January to February, the total retail sales of social consumer goods in the province increased by 1.8% year-on-year, and the passenger traffic volume in the province increased by nearly 30%. In addition, the growth rate of fixed assets investment rebounded rapidly, and industrial investment increased by 24.9%; In industrial investment, investment in high-tech manufacturing and advanced manufacturing increased by 33.5% and 25.1% respectively. In response, Lin Jiang, a professor of economics at Lingnan College of Sun Yat-sen University and deputy director of the Hong Kong Macao Pearl River Delta Research Center, believes that by promoting the transformation and upgrading of traditional manufacturing enterprises in the province and coordinating with the orderly transfer of industries, Guangdong will further smooth the flow of people, logistics, and capital, providing a sustainable driving force for the high-quality economic development of Guangdong Province. The economic "recovery" signal is significant. Multiple indicators in the economic data from January to February reflect the gradual "recovery" of Guangdong's economy: the total retail sales of social consumer goods in the province are 790968 billion yuan, a year-on-year increase of 1.8%, and the growth rate is 2.8 percentage points higher than that of December last year. With the steady transition of epidemic prevention and control, the popularity of catering consumption has increased, and catering revenue has increased by 18.8%. At the same time, rural consumption has also shown a good growth momentum. In the first two months, the retail sales of urban consumer goods increased by 0.9%, while the retail sales of rural consumer goods increased by 8.7%. Reflecting the production side, the capacity utilization rate of industrial enterprises is gradually rebounding. Statistics show that since this year, the catering industry has improved significantly, the food processing industry has accelerated its recovery, the agricultural and sideline food processing industry has increased by 5.6%, the food manufacturing industry has increased by 9.3%, and the alcohol, beverage, and refined tea manufacturing industry has increased by 4.9%. Overall, from January to February this year, the growth rate of major industries in production in the province was 53.8%, 5.1 percentage points higher than that of the previous year. The added value of industries above designated size in the province is 521.906 billion yuan. Despite a year-on-year decrease of 1.5%, the decrease was 2.3 percentage points narrower than in December of the previous year. After the growth of new kinetic energy investment supports "recovery" and "stabilization", how can we achieve "recovery"? The manufacturing industry, especially high-tech manufacturing and advanced manufacturing, is expected to play a key supporting and leading role. From January to February, the provincial industrial investment increased by 24.9%; Manufacturing investment increased by 22.8%. Among them, investment in new energy continued to grow, with investment in high-tech manufacturing and advanced manufacturing increasing by 33.5% and 25.1%, respectively, outpacing industrial and manufacturing investment growth. Several cities in Guangdong Province have accelerated the layout of high-tech and advanced manufacturing industries: In Guangzhou, 344 industrial projects with a total investment of 547.3 billion yuan, such as Funeng Technology and Rongjie Lithium Ion Battery, have been started and signed. In Shenzhen, aiming to accelerate the construction of a leading important advanced manufacturing center in the world, 247 projects will be arranged this year, with an annual planned investment of 898.9
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