Business / Economy

Guangzhou's economy grew 11.6% in 2013

( Updated: 2014-02-18 20:58

Guangzhou's economy grew by 11.6 percent year-on-year to 1.54 trillion yuan ($253.8 billion) in 2013, according to a local government work report released on Tuesday.

According to the report, retail sales of consumer goods in Guangzhou, the capital of Guangdong province, represented a large proportion of the economy, growing by 15.2 percent from a year earlier to 688.28 billion yuan last year.

The report, delivered by Guangzhou Mayor Chen Jianhua during the annual local legislative meeting on Tuesday, also indicated the city will expand its economy by focusing more on investment in 2014.

The city's investment will reach 109 billion yuan on 136 key projects this year. The city's economy is expected to grow by 10 percent year-on-year in 2014, according to the report.

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