shenzhen's economy posted a steady recovery and the quality of development has been improved, with its gross domestic product (gdp) growing 5.4% year on year to reach 2.4468 trillion yuan (us$334 billion) in the first three quarters of 2023, according to the local statistics bureau yesterday.

according to the statistics, the added value of the secondary industry and the tertiary industry during the first three quarters amounted to 887.697 billion yuan and 1.557 trillion yuan, representing a year-on-year increase of 4.7% and 5.8%, respectively.

industrial production has remained the foundation of shenzhen’s economy. from january to september, the industrial added value of enterprises above designated size increased by 4.2% year on year. in china, industrial enterprises above designated size refer to companies with an annual operating revenue of at least 20 million yuan.

advantageous industries have shown resilience. the added value of automotive manufacturing industry above designated size rose by 65.6% year on year from january to september.

new driving forces have generated fresh vitality. in particular, the output of new energy vehicles and service robots increased by 125.8% and 68.8%, respectively, in the first three quarters.

fixed-asset investment — a gauge of expenditures on items including infrastructure, property, machinery and equipment — grew by 13.9% year on year.

investment in the secondary industry and the tertiary industry grew by 53.1% and 6.1%, respectively. specifically, investment in the manufacturing sector and real estate increased by 66.8% and 17.4% year on year, respectively. investment in high-tech manufacturing rose by 73.7%.

shenzhen has rolled out incentives to stimulate consumption, leading to a continuous recovery in the market. retail sales, a key measurement of consumer spending, reached 764.698 billion yuan during the first three quarters, representing a 7.9% year-on-year increase.

the city’s consumer price index (cpi) in the first nine months showed a mild increase of 0.9% compared to the same period last year.

the foreign trade grew by 7.3% year on year to 2.7984 trillion yuan in the first nine months. exports amounted to 1.794598 trillion yuan, an increase of 17.7%, while imports totaled 1.00382 trillion yuan.