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

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The robust economic performance of many local governments and cities offers concrete evidence that China's economic growth remained resilient during the first quarter, with a shift from traditional to emerging industries, China Daily reported Tuesday.

During the first three months of the year, Yunnan Province posted GDP growth of 9.7 percent year-on-year, the highest among the 31 provinces, municipalities and autonomous regions which recently released economic indicators. It was followed by Guizhou Province (9.2 percent) and Tibet Autonomous Region (9.1 percent), according to the report.

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

An exhibition of Guizhou Province's reform and opening-up in the past 40 years. /VCG Photo

During the first quarter, Guizhou realized 10.1 percent year-on-year growth among industrial enterprises with annual revenue from principal business of 20 million yuan (2.89 million U.S. dollars) and above.

Value-added in the equipment manufacturing industry grew 24.3 percent year-on-year in the first quarter, demonstrating the effect of industrial restructuring, transition and upgrading for the whole province over 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 a certain 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.

Source(s): Xinhua News Agency