Economic status of Guiyang in 2018

In 2018, Guiyang devoted itself to development and progress while maintaining stability and deepening supply-side structural reform. 

In 2018, Guiyang's GDP reached roughly 379.845 billion yuan ($56.07 billion), up 9.9 percent year-on-year. The added value of the agriculture industry was 15.31 billion yuan, up 6.6 percent year-on-year, secondary industries were valued at 141.367 billion yuan, up 7.9 percent, and tertiary industries were valued at 223.168 billion yuan, up 11.3 percent. 

Agriculture continued to grow

The agriculture, forestry, husbandry, and fishery industries of Guizhou reached an estimated 16.364 billion yuan, increasing 6.5 percent over last year.

The agriculture industry was valued at 11.514 billion yuan, up 8.4 percent year-on-year, the forestry was valued at 0.164 billion, up 17.4 percent, and the service industry for agriculture, forestry, husbandry, and fisheries was valued at 1.053 billion yuan, up 5.8 percent.

Industrial growth slowed slightly

Guiyang's industrial added value among enterprises above a designated size grew 7.4 percent year-on-year. State-owned enterprises (SOEs) and State-holding enterprises (SHEs) were strong drivers of growth, growing 11.9 percent and 10.1 percent year-on-year, respectively. The growth rates were 4.5 percent and 2.7 percent higher than Guiyang's total industrial added value among enterprises above a designated size.

Meanwhile, the tech industry maintained its double-digit growth. The added value of Guiyang's tech industry (manufacturing) among enterprises above a designated size grew by 18.6 percent year-on-year, and mechanical and equipment manufacturing grew by 23.9 percent, 11.2 percent and 16.5 percent higher, respectively, than Guiyang's total industrial added value among enterprises above a designated size.

Fixed asset investments grew steadily

Guiyang's fixed asset investments grew by 15 percent year-on-year, 0.2 percentage points more than the previous three quarters.

Investment in key areas grew relatively fast, with infrastructure investment growing by 26.3 percent year-on-year, making up 32.4 percent of all fixed asset investments. Investment in transportation, storage, and post services was up 34.7 percent, accounting for 7.2 percent of all investments.

Investments in emerging industries grew rapidly. Investment in the tech industry grew by 57.9 percent year-on-year, making up 4.7 percent of all fixed asset investments, while investment in information transmission, computer services, and the software industry grew 50.5 percent, accounting for 3.1 percent of the total.

Investment in people's livelihood also grew relatively quickly. Investment in education grew by 70.2 percent year-on-year, making up 3.5 percent of all fixed asset investments, investment in healthcare and social work rose by 110 percent, making up 2.2 percent of the total, and investment in culture, sports, and entertainment grew 69.3 percent year-on-year, accounting for 2.1 percent of the total.

Consumer market continued its slow growth

Total social retail sales were valued at 129.947 billion yuan, up 8.0 percent year-on-year. Above-average social retail sales reached 81.626 billion yuan, up 3.0 percent year-on-year.

A total of 114.656 billion yuan was made in urban retail sales, up 10.8 percent year-on-year, while 15.291 billion yuan was made in rural retail sales, down  9.3 percent. Guiyang's above-average internet sales reached 7.3 billion yuan, up 16.8 percent year-on-year.  

Modern service industry grew steadily

The added value of Guiyang's service industry (tertiary industry) reached 223.168 billion yuan, up 11.3 percent year-on-year, making up 58.8 percent of the total economy.

The tourism industry continued to grow steadily. Tourists made 188,462.5 million trips to Guiyang, up 26.7 percent year-on-year. A total of 245.656 billion yuan was made in tourism income, up 31.2 percent.

The postal service also grew fast. Guiyang's telecommunication services were valued at 45.721 billion yuan, up 137.8 percent, while the postal service completed 2.173 billion yuan in transactions, up 21.6 percent.

The growth rate of fiscal and taxation revenue and spending dropped

Guiyang's total fiscal revenue reached 90.326 billion yuan, up 15.4 percent year-on-year.

General public budget revenue reached 41.134 billion yuan, up 8.9 percent year-on-year. General public budget spending was valued at 62.754 billion yuan, up 7.7 percent. Tax revenue reached 76.686 billion yuan, up 14 percent.

Businesses and investment grew rapidly

Guiyang introduced 1,203 newly signed projects with domestic capital, up 12 percent year-on-year. The projects received a total of 260.236 billion yuan in investment, up 6.8 percent. Paid-in investment was valued at 221.867 billion yuan, up 35.4 percent, foreign investment in actual use was valued at 1.589 billion yuan, up 18.1 percent, and the total value of foreign trade reached 3.494 billion, up 15.2 percent.  

Standards of living continued to improve

Social security continued to improve. The number of people with basic endowment insurance reached 2.24 million, up 11.8 percent year-on-year. A total of 2.21 million people had medical insurance, up 3.9 percent, and the number of newly employed people reached 233,100.

Prices were steady and controllable. Guiyang's CPI grew by 1.7 percent year-on-year.

Incomes of urban and rural residents improved steadily. The average urban disposable income reached 35,115 yuan, up 9.1 percent year-on-year, while the average rural disposable income reached 15,648 yuan, up 9.7 percent.