The Greater Bay Area’s fastest-growing economy is not Guangzhou or Shenzhen, but Dongguan, which saw its GDP rise 7.2% in the first three quarters of this year – an acceleration from 6.9% recorded in the first half.
Driving this growth was the city’s staple of manufacturing – both in terms of output and input. In the year to end-September, the added value of industrial enterprises above designated size rose by 8.0%, while fixed-asset investment surged by 18.1%.
September seems to have been a particularly strong month. Industrial production was up 15.9% over August, which was a clear departure from a steadily slowing month-on-month trend up to that point.
Leading the way was the city’s high-tech manufacturing sector, which surged 17.9% YoY in the first three quarters, followed by advanced manufacturing, up 10.9%. Smartphone production increased by 5.9%, but laptops and tablets were the star performers, up 83.5%.
Manufacturers were the fastest-growing investors in Dongguan during this period, too, putting RMB 39.212 billion into the economy, up 12.5%. The real-estate industry was still the bigger investor, putting in RMB 59.039 billion, up 10.5%.
It wasn’t all about manufacturing, however. Retail sales growth was also above the provincial average, rising by 8.2%, while growth in the services sector came in at 7.2%.
Tourism was particularly strong, with the accommodation and catering industry achieving sales of RMB 15.451 billion, up 11.5%.