The Guangdong province capital of Guangzhou has seen the most rapid growth in financial sector value added out of China’s major cities in the first quarter of 2022.
The value added of Guangzhou’s financial sector totalled 66.376 billion yuan in the first quarter, for year-on-year (YoY) growth of 7.8%, according to data from the municipal government. This growth rate was 3.8 percentage points ahead of GDP growth for the period.
Guangzhou’s financial sector accounts for 9.83% of municipal GDP, and drove 0.8 percentage points of GDP growth in the first quarter.
“At present, finance has already become one of the four main pillar sectors for Guangzhou’s economic development,” said state-owned media.
“Value added growth of the finance sector is first out of all sectors in the city, as well as first out of the six major cities of Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin and Chongqing.”