Foshan's Industrial Investment Surges by 32.7% in First 8 Months
Foshan China 2023-10-13 09:23

Recently, Foshan's economic data of the first 8 months has released. Generally, the overall industry has maintained steady growth, addition to rapid increase in project investment, showing a positive sign for future trend.

Industrial Sector Maintains Steady Growth

From January to August, added value for industries above scale has achieved 401.5 billion yuan, achieving 6.5 percentage increase. Various industries have realized growth rate above average. Particularly, petrochemical industry and new materials manufacturing sector have achieved growth rate of 11.3% and 10.0% respectively.

Steady Increase in Project Investment Ratio

In the first 8 months, the completion rate for fixed asset investment has declined by 8% compared to last year. Most of the areas have achieved positive increase, including project investment, industrial investment, industrial transformation investment and infrastructure investment.

Improvement in Consumption Structure

Total retail sales of consumer goods has achieved 249.9 billion yuan (2.7% increase from last year), including 230.2 billion yuan for merchandise sales and 19.7 billion yuan for catering. Certain categories have achieved relatively high growth rate, for instance, construction and decoration materials (60.4%), furniture goods (23.0%), sports and entertainment goods (20.4%).

Steady Growth in Tax Revenue

General budget revenue reaches 49.3 billion yuan, in contrast to general budget expense of 63.3 billion yuan. Tax revenue (include customs) achieves 101.1 billion yuan, yields an 5.51% increase.

CPI at Relatively Low Bracket

Consumer Price Index has increased by 0.3%, shown 0.1% decline compared to the average from January to July. In terms of categories, 2.3% increase for food, cigarette and alcohol, 1.3% increase for clothing, 0.5% decline in living cost, 0.2% increase for household goods and service, 1.9% decline in transportation and telecommunication, 0.3% decline in education, culture and entertainment sectors, 0.1% decline in medicare and 2.6% increase for other goods and services.

Overall, Foshan has more positive factors in economic recovery. Given the market fluctuation and deficiency in domestic demand, Foshan will continuously minimize the risk and further promote the economic recovery.

Reporter | Eddie

Revisor | Eleanor, Lynn

Photo | Foshan Plus