Guangdong's statistics bureau released H1 economic data: provincial GDP reached 7.23 trillion yuan, up 4.5% year-on-year, the fastest growth in nearly three years. Tax invoice data provides the answer to what is driving growth: manufacturing sales revenue rose 9.3% in the first half, with high-tech manufacturing up 11.8%. AI and low-altitude economy sectors grew strongly, with drone manufacturing and integrated circuit manufacturing up 48.9% and 40.1% respectively. High-tech services grew 19.3%, driven mainly by digital transformation and the boom in new formats such as AI large models and digital trade. Exports also performed well, rising 15.3%, with new energy vehicles, photovoltaics and lithium batteries providing strong momentum. Overall, the tax data signals a shift toward a higher-quality, innovation-driven economy and improving business expectations.
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Tax data decodes what drove Guangdong's H1 economic acceleration
Guangdong's statistics bureau released H1 economic data showing provincial GDP reached 7.23 trillion yuan, up 4.5% year-on-year, the fastest growth in nearly three years. Tax invoice data reveals the drivers: manufacturing sales revenue rose 9.3%, with high-tech manufacturing up 11.8%. AI and low-altitude economy sectors boomed, with drone and integrated circuit manufacturing up 48.9% and 40.1% respectively. High-tech services grew 19.3%, fueled by digital transformation and new formats like AI large models and digital trade. Exports rose 15.3%, led by new energy vehicles, photovoltaics and lithium batteries, signaling a healthy, innovation-driven economy.
2026-08-30