Zhuhai relishes vigorous economy in first half of 2018

Driven by robust industrial activity, Zhuhai's economy sustained ongoing stable growth in the first half of this year, with gross domestic product (GDP) increasing 8.7 percent year-on-year to 130 billion yuan ($20.3 billion).

GDP growth was 1.9 and 1.6 percentage points higher than average national and provincial rates, according to initial estimates announced on July 30 at a review of the city's economic situation.

Industrial value-added of enterprises above designated size, foreign trade volume, actual absorption of foreign direct investment, and fixed-asset investment maintained double-digit growth over the first six months, escalating by 13.4, 21.7, 17.3, and 13.6 percent respectively. The first three figures, plus GDP, already exceed this year's annual targets.

Key industries and backbone enterprises kept producing economic spinoffs, according to analysts, adding to the boom of new growth drivers nurtured by the government last year.

Gaolan Port contributes to economic growth [Photo by Zhong Fan / Zhuhai Daily]

Concretely, the value-added of advanced, high-tech, and equipment manufacturing grew 11.8, 14.9, and 7.2 percent respectively. Rapid development of high- and new-tech companies -- up 16.6 percent in value-added -- was the main reason for the expansion.

Home appliance and electrical engineering, the petrochemical industry, electric energy, biomedicine, electronics and information, and precision machinery manufacture are the pillars of Zhuhai's economy. They achieved value-added of 34.2 billion yuan ($5.4 billion) in the first half of this year, a rise of 12.8 percent. Their combined value-added accounted for 69 percent that of industrial enterprises above designated size and propelled the latter to increase 9 percentage points.

Foreign trade was the highlight of economic performance, according to an official. The total volume of imports and exports rose 21.7 percent to 157 billion yuan ($24.6 billion), about 19 and 13.8 percentage points higher than provincial and national averages.