Foshan saw rapid economic growth in Q1
Foshan China 2023-04-28 09:47

Foshan's economy showed signs of stabilization and recovery in the first quarter, according to a recent analysis by the fifth meeting of the city's Committee of Finance and Economics on April 25.

Upon analyzing the data of the first quarter, it can be seen that Foshan's main economic indicators have achieved positive growth. These indicators reflect that continuous recovery and improvement of the Foshan economy, with both quantitative and qualitative advancements, achieving a promising start to the new year.

With the economy showing signs of stability in the first quarter, how can Foshan seize the momentum to maintain this positive trend and stable economic growth in the second quarter?

Large-scale industries saw a year-on-year boost of 6.3%  

Since the beginning of the year, Foshan has been working with enterprises and making significant progress towards high-quality development.

The industrial economy has been performing exceptionally well. In the first quarter, the value-added performance of Foshan's large-scale industries increased by 6.3% year-on-year, highlighting the significance of the industrial sector.

Industrial investment and investment in industrial technology improvement also saw a year-on-year increase of 57.3% and 49.7% respectively, which shows confidence in the industry's upward trend.

Foreign trade has achieved positive growth as well. In the first quarter, Foshan’s total foreign trade reached RMB 192.54 billion, with a year-on-year increase of 6.2%. Exports, in particular, increased by 8% year-on-year, reaching RMB 168.99 billion.

During the first quarter, Foshan showed a rise in both the quantity and quality of investment with the signing of 107 projects involving a total investment of RMB 143.7 billion, a year-on-year increase of 60.57%.

Several significant projects with investments exceeding tens of billions yuan, including Xingyuan Material New Energy Materials Industrial Base Project and Guangdong Ningde Bangpu Integrated New Materials Industrial Project, have been established in Foshan.

Significant progress has been made in key construction projects. Foshan has achieved a 12.52% year-on-year increase in key project investment in the first quarter, totaling RMB 38.769 billion.

Taken together, these economic indicators reflect Foshan's sustained economic recovery and positive growth.

Strengthen Foshan's manufacturing industry

How to view Foshan's Q1 achievement? Without a doubt, through the efforts of the entire city, Foshan has achieved a good start in its economy, which helped stabilize its overall economic growth.

Since the beginning of the year, Foshan has been working towards the goal of "decisively fighting from the beginning". With all sectors of society fully engaged in proactively promoting economic growth and development, Foshan has established a strong foundation for sustainable future development.

Although Foshan's Q1 economic growth rate was slightly higher than the provincial average, there is still room for improvement compared to neighboring cities. Foshan should strive to strengthen its weaknesses and enhance its strengths, thereby driving overall economic growth and making greater contributions to the development of Guangdong Province.

The manufacturing industry is crucial to Foshan's sustained growth. Foshan must focus on transforming traditional industries, cultivating new industries, and planning for future industries. At the same time, Foshan should stimulate the innovation vitality of enterprises and constantly improve their competitiveness.

Supporting companies to expand markets and seize orders

Many Foshan companies, such as Midea Group and Chigo received a considerable number of orders at Canton Fair in Guangzhou. Foshan has always been supporting companies to expand new markets and attracting customers to participate in economic and trade activities in Foshan.

In the first quarter, Foshan's foreign trade imports and exports increased rapidly. However, to achieve the goal of a 5.5% annual increase in foreign trade revenue, more practical efforts are needed. The top priority is to help enterprises achieve stable growth in foreign trade by acquiring orders through various channels.

Simultaneously, Foshan needs to focus on promoting consumption recovery. The continuous recovery of the cultural tourism consumption market across the country is continuously injecting momentum for economy recovery.

Reporter | Eleanor

Reviser | Linn

Photo | Foshan Release