Guangdong has seen a robust economic growth in the first five months of this year, with the year-on-year growth rate of main indicators such as consumption, fixed assets investment, import and export volume all exceeded 20%, according to the data released by the Statistics Bureau of Guangdong on June 21.
Data shows that from January to May, investment in new infrastructure and manufacturing sectors have also increased greatly. For instance, investment in Internet and related services increased by 218.5% year-on-year, with an average growth of 62.9% in recent two years. Investment in advanced manufacturing and high-tech manufacturing increased by 31.3% and 24.2%, respectively.
“People are optimistic about the investment prospects of Guangdong’s advanced manufacturing and high-tech manufacturing. They believe that these two manufacturing areas show the future development direction of the Greater Bay Area,” said Professor Lin Jiang of Sun Yat-sen University.
As for the province’s foreign trade development, its import and export volume reached 3.15 trillion yuan (484.62 billion USD) in the first five months, up 27.1% year-on-year. And the figure represents 21.3% of China’s total.
According to Professor Lin, the robust increase of import and export indicates that Guangdong still has the resilience to achieve economic growth during the COVID-19 pandemic. And it will keep attracting orders from those countries which are currently affected by the pandemic.
Therefore, foreign trade is proving to be a driving force for Guangdong’s economic recovery and further development.