Guangdong's economy recovering from COVID-19

Guangdong province's economy has been stabilizing and recovering from the impact of COVID-19 since the beginning of the year.

According to the Guangdong statistics bureau on Monday, Guangdong's value-added industries above a designated size reached 521.9 billion yuan ($77.91 billion) in the first two months of this year.

Although the figure was a year-on-year decrease of 1.5 percent, the decrease was 2.3 percentage points narrower than that recorded in December, a statement released by the bureau said on Monday.

The province's industrial investment increased by 24.9 percent in January and February, while investment in new energy industries continued to grow.

Investment in high-tech manufacturing and advanced manufacturing increased by 33.5 percent and 25.1 percent, respectively, demonstrating a strong rebound in the economic development of Guangdong, it said.

After China optimized its COVID-19 prevention and control policies, the catering industry improved significantly and the food processing industry accelerated its recovery.

Guangdong's agricultural and sideline food processing industry increased by 5.6 percent, while the food manufacturing industry grew by 9.3 percent. The alcohol, beverage and tea manufacturing industry rose by 4.9 percent, the statement said.

Meanwhile Guangdong's total retail sales of consumer goods reached 791 billion yuan from January to February, a year-on-year increase of 1.8 percent.

Guangdong's railway freight volume increased by 3.9 percent in the first two months, driving a 0.1 percentage point increase in the province's total freight volume.

The optimization and adjustment of the COVID-19 prevention and control policies also released tourism demand for local residents.

The province's passenger traffic and passenger turnover increased by 26.2 percent and 38.6 percent, respectively, in the first two months, it added.