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Huangpu sees GDP growth in second quarter

Updated : 2020-08-12

Guangzhou's Huangpu district achieved a gross domestic product of 159.53 billion yuan ($22.94 billion) in the first half of 2020, down by 2.9 percent year-on-year.

However, Huangpu experienced a shift from negative to a 4.6 percent positive growth in its GDP in the second quarter of the year. 

The district has welcomed a total of 70 foreign-invested projects in the first half of 2020, with a contractual utilization of foreign capital of $1.67 billion, a 59.5 percent increase year-on-year. 

The foreign investment in actual use in the first six months of the year climbed by 16.7 percent year-on-year to $1.3 billion, ranking first among all districts in Guangzhou.

Huangpu has devoted great efforts in introducing high-end projects and advanced technology projects, as well as in making overall layouts for key strategic development industries like biomedicine, 5G, and new infrastructure.

Huangpu has welcomed a total of 65 high-quality projects in the first half of the year, of which over half are related to strategic emerging industries. 

Efforts have also been made in offering support for local companies as the district has exempted local companies from 4.73 billion yuan in taxes in the first half of the year.

A total of 35,200 market entities have registered in Huangpu by the end of June, up 44.1 percent year-on-year.

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