Economy bounces back in GDD

Guangzhou Development District has achieved a remarkable economic recovery following the outbreak of the novel coronavirus (COVID-19).

Guangzhou's industrial output value above designated size from January to May amounted to 648.43 billion yuan ($92.66 billion), and the industrial added value reached 151.16 billion yuan.

The operation revenue of the information transmission, software, and information technology services industries in the first five months of 2020 increased by 8.8 percent year-on-year, while the internet industry and its relevant service industries saw a growth of 22.2 percent against trend. 

GDD, a pioneer in industrial development in Guangzhou, has clustered nearly 60 percent of the city's strategic emerging industries as well as nearly 40 percent of the industries. 

By the end of June, GDD had seen 28,600 new market entities, up 63.7 percent year-on-year, with 26,200 of them being newly set up companies.

The biohealth industry of GDD saw a growth of 45 percent year-on-year in output value against trend in the first five months of 2020.  

A total of 70 foreign-invested projects settled in GDD in the first half of 2020 and the contractual utilization of foreign capital reached $1.67 billion, with a year-on-year increase of 59.63 percent. 

GDD's foreign investment in actual use in the first six months exceeded to $1.3 billion, with a year-on-year increase of 16.7 percent, ranking top among all districts in Guangzhou.

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