China’s robust local economic data point to signs of resilience

22 May, 2019 12:00 AM printer

BEIJING: The robust economic performance of many local governments and cities has offered concrete evidence that China's economic growth remained resilient during the first quarter, with the pivot shifting from traditional industries to emerging industries, China Daily reported Tuesday.

During the first quarter of the year, Yunnan Province posted a gross domestic product growth of 9.7 percent on an annualized basis, the highest among the 31 provinces, municipalities and autonomous regions which released economic indicators recently, followed by Guizhou Province (9.2 percent) and the Tibet autonomous region (9.1 percent), according to the report, reports Xinhua.

Among the 31 provinces, municipalities and autonomous regions, the majority of them recorded GDP growth rates higher than the national average of 6.4 percent, according to the statistics bureaus at the provincial level, according to the report.

During the first quarter, Guizhou realized a 10.1 percent year-on-year growth in the value-added of industrial enterprises above the designated size, which refers to industrial enterprises with annual revenue from principal business of 20 million yuan (2.89 million U.S. dollars) and above.

The value-added of the equipment manufacturing industry grew by 24.3 percent in the first quarter from the previous year, demonstrating that the effect of industrial restructuring, transition and upgrading for the whole province has gradually emerged in recent years, Peng Long, deputy head of the Guizhou Provincial Bureau of Statistics, was quoted as saying by the report.

Besides, the integration of big data and the real economy in the service sector has accelerated in Guizhou. For service sector enterprises above designated size in the province, operating income of internet companies and relevant firms increased by 134.5 percent year-on-year during the first two months of 2019, the paper reported.

During the process of transition, emerging industries have demonstrated a continuous force to promote steady economic growth. Official data showed that financial, information and technology service industries now contribute to over 60 percent of GDP growth in Beijing, according to the report.