Aerial photo taken on Sept. 17, 2020 shows the Houhai area in Nanshan District of Shenzhen, south China's Guangdong Province.(Photo: Xinhua)

Economic growth in South China's Guangdong Province went up 4 percent in the first three months of 2023, putting the economic power house on track to a good start and a fast economic recovery this year.

Guangdong achieved a regional GDP of 3.02 trillion yuan ($437.65 billion) in the first quarter, up 4 percent from a year ago, according to the provincial statistics bureau on Sunday.

The growth rate outpaced the 3.3 percent growth in the first quarter in 2022 and the 1.9 percent GDP growth in the whole year of 2022.

Major economic indicators stabilized and rebounded, with a rapid rebound in the service industry and accelerated growth in fixed investment. 

In the first quarter, the added value of Guangdong's service industry increased by 5.0 percent year-on-year. Its contribution to economic growth increased to 3.0 percentage points, up from 0.7 percentage points a year ago, as contact-focused service industries improved significantly after shaking off the epidemic fallout.

Fixed asset investment went up by 7.4 percent year-on-year, 2.7 percentage points faster than the first two months, and 10.0 percentage points higher than in the whole year of 2022.

The economic data came in after the province saw a solid foreign trade recovery in the first quarter.

The province saw its foreign trade total 1.84 trillion yuan in the first quarter of 2023, local customs authorities said on Tuesday.

During the period, the province's exports climbed 6.2 percent year on year to hit 1.22 trillion yuan.

Notably, Guangdong's total import and export value reversed earlier declines and grew 3.9 percent year-on-year in February. In March, its foreign trade grew 25.7 percent year-on-year.

The strong resilience and vitality of the province's economy can also be proven in the 133rd China Import and Export Fair, commonly known as the Canton Fair. 

The first phase of this year's Canton Fair which ran from April 14 to 19 has attracted more than 1.26 million visits, including 66,000 overseas buyers, 311,000 online buyers, and an export turnover of $12.8 billion.

The "destocking" cycle of retail companies in developed countries which draws to a close this year, will provide new growth opportunity for China's foreign exports, especially in the retail industry, Liang Haiming, dean of Hainan University Belt and Road Research Institute, told the Global Times on Sunday.

As the impact of COIVD-19 wanes and various offline exhibitions resumes, there will be more opportunities for face-to-face communication between Chinese companies and foreign customers and some may place orders right on the spot, adding impetus to the growth of China's exports, Liang said.