Jiangmen’s leadership, like its counterpart in Foshan, obviously can’t wait for the National Bureau of Statistics to collate its GDP data for 2019. The city put out a report via local media today saying that its economy was expected to have generated more than 300 billion yuan, once the full-year numbers for 2019 are released.
If confirmed, this would not be something to crow about on its own. The report didn’t say what the growth rate would be. By our reckoning, 300 billion yuan would be only 3% up on 2018, second-slowest among the nine GBA cities in Guangdong.
However, what the report prefers to focus on is investment, which is usually a better indicator of future growth. In this, the city seems more confident, saying that in the first 11 months of 2019, its growth rate of utilized foreign investment ranked first in the region, while high-tech development had boosted industrial investment to fifth-highest in the province, with the number of high-tech enterprises exceeding 1,500 for the first time.
Looking forward, Jiangmen seems to be focused on establishing trans-regional state-owned enterprises with other cities. This will be one to watch in 2020.