Shenzhen continues to weather the slowdown in foreign trade remarkably well, judging by data for July. Fixed-asset investment rose 16.2% YoY, powered by infrastructure investment (+46.9%). And, thanks to growth in the key industries of tech and pharmaceuticals, industrial output has held up (+6.1%), too. Only trade is showing weakness, and it’s far better than had been anticipated: exports were still up over the first seven months (+4.6%), while imports continued to struggle (-8.9%).
Consumption is slowing, but still reasonably strong at +7.0% in the January-July period.
By segment, industrial output grew as follows:
- Advanced manufacturing +8.5%;
- High-tech manufacturing +8.8%;
- Computer, comms and others + 9.0%;
- Pharmaceuticals +11.0%;
- Specialized equipment +5.9%.
As of the end of July, the balance of domestic and foreign currency deposits of financial institutions (including foreign capital) in the city was 79,764.83 billion yuan, up 10.2%; the balance of domestic and foreign currency loans of financial institutions (including foreign capital) was 56,927.61 billion yuan, up 11.7%.