Once Again, Shenzhen Tops GDP List in Guangdong

By Jonathan Zhong, January 21, 2019

0 0

Shenzhen’s GDP growth in 2018 hit RMB2.4 trillion, beating Guangzhou for the second consecutive year, according to a government report released during the seventh session of the National People’s Congress in Shenzhen on January 18.

According to the report, Shenzhen’s GDP enjoyed a growth rate of 7.5 percent last year, with its overall economic size ranking among the top five cities in Asia, though the report did not specify the names of the remaining four cities. In comparison, Guangzhou’s GDP grew by around 6.5 percent to RMB2.3 trillion in 2018.

It may not be surprising that the trade-centric provincial capital was outperformed again by tech-driven Shenzhen, as Guangzhou was hit hard by the back-and-forth trade war between China and the United States.

Meanwhile, both cities failed to reach their projected growth targets set at the beginning of 2018, with Shenzhen falling short by 0.5 percent and Guangzhou by 1 percent. The two cities have also lowered growth targets for 2019, with a 7 percent for projection set for Shenzhen and 6-6.5 percent for Guangzhou.

According to South China Morning Post, as of January 15, 20 cities in China had released growth targets for 2019, with 12 of them lowering their original aims, six striving to maintain the same growth as last year and only two projecting for higher growth.

This is another sign that China's economy will continue to slow down in the coming year. The slowdown has already affected global companies with a large customer base in China, including Apple, which previously lowered its fiscal revenue projections for the first fiscal quarter ending December 31 from somewhere between USD89-93 billion to USD84 billion.

READ MORE: Apple Cuts Revenue Projections Due to Bad China Sales

[Cover image via Sohu.com]

more news

China's Economy Expands 4.9% in the Third Quarter

The economy expanded faster than the second quarter, but fell short of expected growth of 5.2% in the third quarter.

China's Economy Rebounds as Industrial Profits Surge in June

Profits at major industrial firms rose at the fastest pace in more than a year last month, soaring 11.5% year-on-year.

Phrases to Learn for China's Street-Stall Economy

If you haven’t heard, street stalls appear to be making a comeback in the Middle Kingdom

Demolition Begins on China's Largest Road Port in Shenzhen

The largest road port connecting Shenzhen and Hong Kong is due for an upgrade.

Tianjin Tianhai Quit China Super League, Replaced by Shenzhen FC

A swift and dramatic fall from from grace.

China’s Largest KFC Opens in Shenzhen

Don’t ever question the people’s love for the Colonel.

Guangzhou-Shenzhen Intercity Railway Officially Open

The route consists of 15 stations stretching from Guangzhou East Railway Station to Shenzhen Bao’an Airport.

0 User Comments

In Case You Missed It…

We're on WeChat!

Scan our QR Code at right or follow us at thatsonline for events, guides, giveaways and much more!

7 Days in China With thatsmags.com

Weekly updates to your email inbox every Wednesday

Subscribe

Download previous issues

Never miss an issue of That's Magazines!

Visit the archives