Zhuhai's GDP rises 7.4% to $9.91b in Q1

Zhuhai's GDP grew by 7.4 percent year-on-year to 67.16 billion yuan ($9.91 billion) in the first quarter of 2019, a growth rate that ranks third in Guangdong province.

Making full use of the development opportunities coming with the Guangdong-Hong Kong-Macao Greater Bay Area, the city has made great strides in optimizing its economic structure and advancing the transformation and upgrading of its industries.

The burgeoning Guangdong-Hong Kong-Macao Greater Bay Area has brought enormous development opportunities to Zhuhai. [Photo courtesy Xinhua]

Xiangzhou, Doumen, and Jinwan districts were three major driving forces behind the city's sound development, contributing 46.4 percent, 14.9 percent, and 11.7 percent respectively to local economic growth. The added value of industrial enterprises above designated size in Xiangzhou increased 14 percent, 5.4 percent higher than the city average.

Pillar industries, including household appliances, biomedicine and precision machinery manufacturing, prospered with the rapid growth of Gree Electronic Appliances Inc, United Laboratories International Holdings Ltd, Jafron Biomedical Co Ltd, Sany Marine Heavy Industries Co Ltd, and Gree Intelligent Equipment Co Ltd. The added value of these industries was recorded at 19.1 billion yuan in the first quarter, a year-on-year increase of 7.2 percent.

Xiangzhou-based Gree Electric Appliances Inc is a major contributor to the development of the local household appliance industry. [Photo by Wang Qiming / China Daily]

The city's emerging industries also showed strong momentum. The added value of advanced manufacturing, equipment manufacturing, and hi-tech enterprises grew by 7.5 percent, 4.9 percent, and 10.8 percent respectively to account for 53.5 percent, 37.8 percent, and 56.2 percent of the city's total.

In addition, statistics showed that innovation has increasingly been accentuated in the city's quality development. As of March, the number of hi-tech enterprises and new-type R&D centers, as well as innovation platforms above provincial level in Zhuhai had exceeded 2,000, 25, and 375 respectively. Meizu Technology, Yunzhou-Tech (Oceanalpha), and Naruida were among 44 enterprises that are on track to become unicorns -- companies with at least $1 billion in market value.