GDP Photo: VCG

Beijing and South China's provinces of Guangdong and Hainan have unveiled major economic indicators for the second quarter, showing stable growth and diversified development.

Beijing's GDP in the first half of 2023 reached 2.06 trillion yuan ($285.26 billion), up 5.5 percent year-on-year, the Beijing Municipal Bureau of Statistics revealed on Wednesday, showing upbeat signs of economic recovery.  

The rate of decline in the added value of Beijing's large industrial corporations narrowed by 6.4 percentage points compared to the first quarter and the growth rate of added value in the services sector increased by 2 percentage points from the first quarter. 

The growth rate of Beijing's total market consumption increased by 6.6 percentage points from the first quarter, the growth rate of consumption of services increased by 7.7 percentage points, and the growth rate of total retail sales of consumer goods saw a rise of 4.5 percent points. 

Beijing's pillar industries of auto manufacturing, electricity and equipment manufacturing generated strong growth power. The auto manufacturing sector saw a 16.1 percent increase in added value year-on-year, due to a recovery in production and the low base of comparison in 2022. 

Guangdong on Tuesday revealed provincial half-year GDP of 6.29 trillion yuan, up 5.0 percent year-on-year.   

Guangdong's economic growth has been driven by the local industrial sector and service sector. The added value of large industrial enterprises reached 1.93 trillion yuan, up 2.5 percent year-on-year. The total retail sales of consumer goods in the province reached 2.33 trillion yuan, up 7.4 percent year-on-year, and the revenue of the catering sector increased by 28.8 percent.  

The GDP of Hainan in the first half of 2023 reached 345.88 billion yuan, up 8.6 percent year-on-year and 1.8 percentage points more than the rise seen in the first quarter.  

Benefiting from its free trade port, Hainan facilitated import and export cargo value of 91.7 billion yuan, up 56 percent year-on-year. The overall foreign direct investment in the province reached $1.59 billion during the first half, surging by 67.4 percent year-on-year.  

Chinese officials on Monday revealed the country's GDP for the first half of 2023 at 5.9 trillion yuan, up 6.3 percent year-on-year. Experts expressed confidence in the overall recovery trend, while also acknowledging challenges from a complex global political and economic situation and an "unsolid" foundation for continued recovery and development.

Global Times