Quanzhou's economy makes a swift recovery

An economic rebound is fully underway in Quanzhou, a city in East China's Fujian province, despite the lingering impact of the novel coronavirus outbreak, according to information released recently by its municipal government.

From January to August, the growth rate of the added value of the city's manufacturers above a designated size – those with revenue of 20 million yuan ($2.90 million) or more annually – turned positive for the first time in the year.

During the period, Quanzhou achieved total retail sales of consumer goods of 325.25 billion yuan, a year-on-year decrease of 4.7 percent. The rate of decline was 1.1 and 2.5 percentage points lower than that from January to July and January to June, respectively.

The retail sales of sports and entertainment products, computers and their ancillary products and smart phones increased by 50.4 percent, 33.9 percent and 15.6 percent, respectively.

In the same period, the city's total import and export value was 115.86 billion yuan, a decrease of 13.7 percent, which was 2.5 and 2.7 percentage points lower than that from January to July and January to June, respectively.

In August, the total value of imports and exports was 19.35 billion yuan, an increase of 1.4 percent, of which exports reached 15.4 billion yuan, an increase of 16.0 percent – with both hitting new highs this year.

ASEAN continues to be Quanzhou's largest trading partner. The total value of Quanzhou's trade with ASEAN in August was 6.08 billion yuan, accounting for 31.4 percent of the city's total foreign trade value, an increase of 71.6 percent year-on-year.