SHENZHEN’S regional gross domestic product was 1.98 trillion yuan (US$298 billion) for the first three quarters this year, up 2.6 percent year on year, official statistics have shown.
The growth rate was 2.5 percentage points higher than the rate for the first half of this year and 9.2 percentage points higher than the first quarter, as per data released by the city’s statistics bureau Wednesday.
The industrial added value of the first industry dipped 4.3 percent to 1.92 billion yuan, while the number of the second and tertiaries industry rose 1 percent and 3.6 percent to 731 billion yuan and 1.25 trillion yuan, respectively.
Investments in fixed assets in Q3 increased by 11.4 percent year on year, 3.6 percentage and 27.5 percentage points higher than the numbers in Q1 and H1, respectively.
Customs statistics showed the city’s foreign trade volume edged up 2.7 percent year on year to 2.18 trillion yuan in the first three quarters.
In September alone, Shenzhen’s trade volume reached 298.5 billion yuan, up 6.8 percent year on year, marking the sixth consecutive month of growth.
The cargo throughput at Shenzhen ports reached 18.91 million TEUs in the first nine months, equivalent to the level of the same period of last year.
The total retail of consumer goods dropped by 9 percent to 604.4 billion yuan year on year, but the decline narrowed by 5.8 percentage and 13.9 percentage compared to H1 and Q1.
The general local public budget revenue posted a positive growth for the first time, up by 0.7 percent to 296.1 billion yuan between January and September, 5.4 percentage and 13.5 percentage points higher than those in H1 and Q1.
From January to June this year, the city posted a hard-earned positive growth of GDP by 0.1 percent to 1.26 trillion yuan. In Q1, the city’s economy shrank by 6.6 percent, the worst over 40 years, due to the impact of COVID-19.
“As the economy is keeping its good momentum, the GDP this year could achieve a 3-percent growth,” Qu Jian, vice president with China (Shenzhen) Development Institute, predicted.
In the first three quarters, China’s GDP expanded 0.7 percent year on year, returning to growth after the 1.6-percent contraction in the first half of the year and the 6.8-percent slump in Q1, according to the National Bureau of Statistics.
Among the 31 provinces, municipalities and autonomous regions in China, 26 have posted strong economic recovery with GDP registering positive growth by Nov. 1. In the first three quarters, residents’ per capita wage income rose 3.6 percent year on year, as authorities took multiple measures to ensure employment and work resumption, according to Beijing Business Today.
From January to September, Guangdong took first place in China with its GDP hitting 7.84 trillion yuan, followed by Jiangsu, which generated 7.38 trillion yuan of GDP.