The Private Business sector has become a crucial player in Guangzhou's economic development. According to the Statistics Bureau of Guangzhou, the private sector created an added value worth 47.662 billion RMB, or a 31.7% share, of the GDP. With a year on year growth of 13.1%, the private business sector contributed 30.9% of the GDP growth of the City, which overall was 4.1%.
For the first quarter this year, the tertiary industry category within the private sector enjoyed an added value of 34.523 billion RMB, with an annual growth of 14.4%, leaping ahead of the primary and secondary industry by 12.4% and 3.8% respectively. During the same period, the private construction industry category scored 1.536 billion RMB in terms of an added value, up 21.3% year on year, making it the fastest growing industry. While wholesale and retailing remain on the fast growing track as the dominant pillar for Guangzhou's private business. The private industrial sector saw slower increase.
(Translated by Guangzhou Association of Foreign Affairs Translators)