Guang­dong re­ports value growth

Global Times US Edition - - BIZMARKETS -

South China’s Guang­dong Prov­ince saw the added value of the pri­vate sec­tor in­crease by 7.1 per­cent year-on-year in the first three quar­ters, reach­ing 3.78 tril­lion yuan ($548 bil­lion).

Deputy gover­nor Chen Liangx­ian said in a pro­vin­cial meet­ing on the pri­vate econ­omy on Sun­day that Guang­dong’s for­eign trade in the pri­vate sec­tor rose 13 per­cent year-on-year to 2.52 tril­lion yuan dur­ing the pe­riod, rank­ing first among China’s pro­vin­cial-level economies.

Guang­dong is home to eight Chi­nese pri­vate firms listed among the world’s top 500, in­clud­ing Huawei and Ten­cent.

The prov­ince’s pri­vate econ­omy made up more than 50 per­cent of its GDP last year, and con­trib­uted to 75 per­cent of new in­no­va­tions and 80 per­cent of newly added jobs, ac­cord­ing to Chen.

He said that to fur­ther sup­port the pri­vate sec­tor, the pro­vin­cial govern­ment is­sued fi­nan­cial in­cen­tives in 2017, which had helped re­duce 123 bil­lion yuan of taxes and fees as of Septem­ber.

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