Manufacturing grows fast in Guangzhou

Guangzhou saw a steady growth in manufacturing industries, especially of automobiles, over the first four months this year, according to the statistics bureau of Guangzhou.

The city's 4,660 enterprises above a designated scale earned revenue of 552.7 billion yuan ($85.8 billion), generating industrial value added of 138.2 billion yuan over the first four months, up 6.2 percent and 7.3 percent respectively year-on-year.

Guangzhou's three pillar industries (automobiles, petrochemicals, and the electronic information industry) achieved an output of 312.43 billion yuan from January to April, up 6.3 percent year on year. In particular, the automobile industry maintained rapid growth in the four months, rising by 10 percent in output and delivering 4,306 new energy vehicles, an increase of 4.2 times compared with the corresponding period of the previous year.

Among the high-end manufacturing industries, the most noticeable output growth occurred in the medicine and general equipment sectors, which rose by 13.5 percent and 11 percent respectively year on year.

The overall profitability of the 4,660 enterprises above a designated scale in Guangzhou also improved remarkably. These companies generated a total investment income of 8.9 billion yuan in the first quarter, which more than tripled the figure from last year. Accordingly, they created a total profit of 32.9 billion yuan in the same period, up 22 percent from 2017's first quarter.