(Photo by Nanfang Daily)

The GDP of Guangdong Province reached over 7.8 trillion Yuan, with an increase of 0.7% year on year. The rate of economic growth in the first three quarters shifted from negative to positive.

The statistics shows that Guangdong’s main economic indicators continued to rise in the first three quarters. In the first three quarters, Guangdong achieved a total of 2.30 trillion yuan in added value of above-scale industries and fixed asset investment increased by 5.0% year-on-year.

In terms of foreign trade, Guangdong’s total import and export of goods was 5.08 trillion yuan, a year-on-year decrease of 1.6% in the first three quarters with the rate of decline narrowing by 5.5% from H1, 2020.

"The economic growth rate has shifted from negative to positive. This is not only a manifestation of the rapid recovery of various industries under the background of the comprehensive control of the domestic epidemic, but also proves the resilience and stamina of Guangdong, as the largest economic province, the largest foreign trade province, and the largest secondary industry province.” said Liu Ruiming, a professor at the National Academy of Development and Strategy, Renmin University of China.

Furthermore, Guangdong's added value of above-scale industries achieved positive growth for 4 consecutive months. Advanced manufacturing grew by 1.0% in the first 3 quarters, 2.2% higher than the provincial average. High-tech manufacturing grew by 1.5 percent, accounting for 31.7% of the added value of above-scale industries.

"The core of high-quality development is to provide better products and services." said Liu Jinshan, the director of Investment Advisory Centre at Jinan University. He believes that the high-quality development of Guangdong can be reflected through the development of Guangdong's high-tech industry, the investment in enterprise production equipment and R&D equipment, and the optimization of foreign trade structure.