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GDP growth in Liuzhou hits record low since 2005
( chinadaily.com.cn )
Updated: 2013-04-17

The city of Liuzhou announced GPD of 43.13 billion yuan ($6.97 billion) for the first quarter on Monday, an 8.1-percent year-on-year growth.

However, the growth rate is lower than the local government’s 10-percent target in 2013.

What’s more, the growth rate of the first three months is 0.6 percentage points lower compared with the same period last year. It is the lowest on record since 2005.

Despite the challenging situation, government officials in Liuzhou said there is a promising future ahead with the rebound of the economic situation in China and abroad.

Jiang Yunfei, director of Liuzhou’s development and reform commission, said that with the recovery of a global economy, there will be steady economic growth in China. “The annual GDP growth in China in 2013 is expected to top its growth rate in 2012,” Jiang said.

Niu Jichang, director of the commission of industry and information technology in Liuzhou, echoed Jiang, saying the growth of industrial output in Liuzhou is expected to speed up in the first half of 2013 and will maintain steady but fast growth this year.

As much as 10.73 billion yuan was invested in the first quarter in Liuzhou, which is expected to further boost the city’s industrial development.

Designer and manufacturer of power generation equipment Cummins has completed its phase one project in Liuzhou. The project, which has a production capacity of 50,000 engines a year, is expected to bring in extra sales of 2 billion yuan for the US-based Cummins.

Guangxi Investment Group Yinhai Aluminum Co has also invested another 230 million yuan to increase its production capacity. The project is expected to finish in June and will bring 4 billion yuan in sales once in operation.

The industrial output in Liuzhou in the second quarter of this year is estimated to increase to 12 percent from 11 percent in the first quarter. The overall growth rate of industrial output is expected to stay at 11 percent in the first half of this year.

Among all major industrial sectors in Liuzhou, the development of the auto industry is expected to speed up; the steel industry will continue its slow growth; and the machinery industry will recover quickly.

 
 
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