SZ economy demonstrates resilience, posts growth

From: Shenzhen Daily | Updated:2023-09-07

Shenzhen's key economic indicators, including industrial production, fixed asset investment, market sales and exports, all displayed positive growth trends from January to July, marking a sustained recovery and a steady improvement in development quality.

According to data released by the Shenzhen Municipal Statistics Bureau, during this period, the added value of industries at and above the designated scale increased by 3.8% year on year.

Among major industry categories, automotive manufacturing registered a staggering 86.1% increase in added value, followed by electricity and heat production and supply at 20.8%, and specialized equipment manufacturing at 9.3%.

Shenzhen’s strategy to nurture emerging industries and industrial clusters paid off, particularly in the new energy vehicle sector. From January to July, the production of new energy vehicles and charging piles surged by 160.1% and 26.8%, respectively.

Fixed asset investment increased by 13.5% during the first seven months, which was 0.4 percentage points higher than the first half of the year. Investment in high-tech manufacturing grew substantially by 62.3%, while investments in culture, sports and entertainment increased by 26% year on year.

From January to July, the total retail sales of consumer goods in the city reached 587 billion yuan (US$80.49 billion), posting a 10% year-on-year growth, which was driven by various factors including the “first-store economy,” “performance economy,” tourism-related spending, the booming milk tea sector, and spending by Hong Kong residents in Shenzhen.