The official data is in: Shenzhen grew the fastest (in real terms) in the first half of the year among the main cities of Guangdong. Despite being a trading-reliant economy, its GDP swelled 7.4%, after adjusting for inflation.
Moreover, Guangzhou, Foshan and Dongguan, which carry the bulk of the Greater Bay Area’s economy along with Shenzhen, also grew at above-average rates compared to the rest of the country. Even among the smaller cities, only Huizhou, Zhongshan, and Jiangmen came in below average. Zhuhai and Zhaoqing grew at above-average rates. Zhuhai, in fact, was a blowout in nominal terms, with explosive growth in Hengqin fuelling the headline number.
We will get more detailed breakdowns of these numbers in the coming days. Stay tuned.