Private Enterprises Account for 40% of GDP
The Guangzhou Federation of Industry and Commerce (General Chamber of Commerce) held a New Year party on the evening of January 9 at the Dongfang Hotel. On the same evening, the Guangzhou Chamber of Commerce for Private Enterprises held a ceremony to mark the inauguration of its eighth executive council.
It is said that in the first three quarters of last year, Guangzhou recorded GDP of RMB 982.331 billion, up 9.2% year-on-year. During the same period, the city's private enterprises reported a total added value of RMB 381.3 billion, accounting for 38.8% of the city's GDP. Private investment in fixed assets surged 28.2% year-on-year, exceeding the city's overall growth rate by 19.7 percentage points and making up 33.46% of the city's total investment in fixed assets, 12 percent points higher than the same period of last year. Nearly 40% of the 116 projects in the city's strategic dominant industries are private investments, and approximately 85% of the city's high-tech enterprises are privately-owned.