Shenzhen GDP to Hit Targeted Growth Rate for the First Three Quarters of the Year
The city GDP growth rate is said to reach 9.5 percent during the first three quarters which signals a still booming economy. As the national GDP has increased by 7.4 percent also in the first three quarters while Guangdong Province GDP increased by 7.6 percent. For the first quarter and first half of the year the GDP growth fluctuated between 7.3 percent and 8 percent.
The first three quarters of the year the city added industrial value of big enterprises by 8.3 percent and investment in fixed assets increased by 12.8 percent along with the total retail sales of consumer goods has also increased by 8.7 percent as well. a economy expert from the Shenzhen Academy of Social Sciences said that there is a 9.5 percent growth rate which indicates that the city is nearing its growth potential due to its development strategies and policies. Shenzhen also has a strong economic structure that is tied with strong economic entities.
The service industry in regards with the financial services is growing rapidly since its inception in Shenzhen. the balances of foreign currencies deposits and the Renminbi increased by 12.6 percent by the end of September and the amount of loans at financial institutions has also grown by 12 percent.
There is a total of more than 3,000 enterprises that are listed in the Qianhai Equity Trading Center by September and registered cross border Renminbi loans in the areas grew by 60 billion yuan. Furthermore Shenzhen saw more than 112 billion yuan in private investment which accounts for 59 percent of the total investment in fixed assets.