Guangdong’s economy continued its momentum of stable recovery in the first two months of 2022, with major indicators reaching expected targets.

That’s according to the latest press release by the Statistics Bureau of Guangdong Province on March 24.

“Guangdong has entered the high-quality development stage driven by high-level manufacturing and service industries. It is natural for the growth rate to slow down appropriately,” said Yi Xingjian, professor and vice president of Guangdong University of Finance.

The province saw sustained growth of import and export sustained growth in the January-February period, with the total value up 4.6 percent year-on-year to reach 1.24 trillion yuan.

Specifically, the value of exports was 0.79 billion yuan, up by 4.8% and the value of imports was 0.45 trillion yuan, up by 4.2%.

The actual foreign investment was 24.68 billion yuan with 1,623 newly launched FDI projects.

The direct non-financial investment overseas rose from 1.603 billion U.S. dollars in January to 2.895 billion U.S. dollars to February, increasing by 46.01% year on year.

The fixed-asset investment grew by 6.2% year on year. When it comes to different fields, the high-tech manufacturing increased by 55.7%, the railway transportation by 43.1%, and industrial technology upgrading by 36.1%.

The total value added of industrial enterprises above the designated size totaled 0.53 trillion yuan, up by 5.5% year on year.

Market sales exceeded expectations, reaching 0.78 trillion yuan with an average two-year growth of 3 percentage points.

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Author | Fanny

Video | Axin

Cover design | Mia

Editor | Wing, Olivia, Nan, Jerry