Zhuhai’s economy kept growing in August, despite a slowdown in its traditional industries, as the twin pillars of biomedicine and home appliances continued their recent surge.
From January to August, according to official data, industrial production (above designated size) was up 4% to RMB 71.713 billion, flat over the Jan-Jul period. The biomedical industry and the household electrical appliance industry maintained double-digit growth, at 18.3% and 16.0%, respectively. City leaders are likely thankful: the petrochemical industry and the power and energy industry, by contrast, barely grew, by 2.6% and 1.5%, respectively. A bright spot was high-tech enterprises, which rose 5.8%.
Fixed-asset investment is proving anemic. In January to August, at RMB120.474 billion, it was up just 2.2%, probably because the Hengqin Railway Line is nearing completion and there are few other major infrastructure projects with shovels in the ground. Industrial investment, however, shone: at RMB 17.653 billion, it was up 18.0%, a jump of 12 percentage points.
Retail sales held up, though they weren’t stellar, at RMB 81.737 billion, up 5.7%. Sales related to tourism rose fastest, with accommodation up 7.7% and catering up 10.7%.