More detail is dribbling out in local media after Guangzhou reported strong GDP numbers last week. One of the clear standouts was growth in the services sector, especially the so-called “modern services industry”, which is dominated by software and other IT-related services.
Although the city is often thought of as a bastion of heavy industry and manufacturing, while Shenzhen is usually described as the “tech hub”, Guangzhou’s economy is increasingly being driven by software and other IT-related services. According to official data, this sector accounted for 68.6% of Guangzhou’s GDP in the first three quarters, an increase of 0.1% over the first half of the year. Its added-value was up 15.5% YoY.Continue reading Services pumping in hi-tech Guangzhou