Nanshan reports robust economic growth in first three quarters

In the first three quarters of 2024, Nanshan District recorded a regional GDP of 661.37 billion yuan (US$92.9 billion), marking a 4.3% year-on-year increase at constant prices, according to the latest economic data released by the district’s statistics bureau on Oct. 29.

The district’s tertiary industry comprised 71.5% of the district’s economy, while the weight of the secondary industry has reached a new high this year at 28.5%.

Key highlights of the economic data include:

Industrial growth: The district’s added value of industrial enterprises above designated size – industrial enterprises with an annual operating revenue of 20 million yuan or more – surged by 8.7% year on year. The high-tech sector has seen rapid growth, particularly in major products like integrated circuits, industrial robots, and 5G smartphones, which have all continued to grow by over 20% since the beginning of 2024.

Software and IT services: The software and information technology service industry in the district has demonstrated significant growth, with operating revenue increasing by 25.3% year on year. This sector has maintained double-digit growth since the beginning of 2024 and has played a pivotal role in driving the district’s economic expansion.

Transportation and postal services: The added value of transportation, warehousing, and postal services in Nanshan increased by 14.2% on a yearly basis. The growth rates have been on an upward trend each quarter, indicating a positive development trajectory.

Investment and retail sales: Fixed asset investment in the district rose by 7.6% year on year in the first three quarters, and the total retail sales of consumer goods reached 108.72 billion yuan. Both figures show a faster growth rate compared to the first half of the year.