Economy Embraces Slow Recovery

According to the latest statistics released by the Statistics Bureau of the Guangzhou Municipality, in the first five months of 2009, the investments in fixed assets totaled RMB 69.154 billion, up by 19.9% over the same period of last year. Investments in real estate amounted to RMB 22.046 billion, dropping by 9.5%. However, commercial apartments sold well and witnessed increases of 39.4% and 25.8% respectively, in terms of floor area and sales.

Thanks to the "May Day" holiday, retail sales of consumer goods in May totaled RMB 29.987 billion, up by 16.8% over the same period of last year. In the first five months of this year, total retail sales of consumer goods amounted to RMB 139.268 billion, up by 11.4%. This "May Day" holiday saw an increase in sales generated by luxury products, including LCD TVs, air-conditioners, refrigerators, mobile phones, PCs, digital products, jewelry, costumes and cosmetics.

According to the statistics, although the economy, in major sectors, demonstrated a slow recovery, the monthly total export values decreased considerably. Additionally, reductions were also witnessed in industrial electricity consumption, prices and cargo transport, all of which produce great challenges to economic development.

Source: english.gz.gov.cn

Editor: Chen Minjie