Internet infrastructure investment surges

While Guangdong’s leading economic indicators mostly slowed in May, along with the rest of the country’s, investment into “new infrastructure” continued to grow strongly, official data shows. Overall investment in fixed assets slowed to a year-on-year growth rate of 22% in the January-May period, down from 28% in January-April, and infrastructure investment in the province grew just 10.3% year-on-year. But among that, investment in Internet and related services rose 218.5% year-on-year, giving a two-year average growth rate of 62.9%. No total amount was provided.

Although industrial production continued to hum along, with growth among larger enterprises coming in up 21% year-on-year, this too was slightly down, from 23.9% growth in January-April. Consumption continued its relatively sluggish post-pandemic recovery. From January to May, retail sales hit 1.80 trillion yuan, up 23.9% year-on-year, but just 2.3% on a two-year basis. Exports also continued to slow, growing by 30% year-on-year, down from 36% in the January-April period.

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