Guangdong's economic data for January and February has been released, showing several key indicators performing in line with national figures, with industrial output, investment, and consumption growth surpassing national averages. Industrial added value of enterprises above the designated size in Guangdong increased by 7.9% year-on-year during the period, marking a significant acceleration from the previous year. Fixed-asset investment shifted from decline to growth, reversing the downward trend observed since May 2024. Retail sales of consumer goods rose by 4.6% year-on-year, also showing improvement over the full-year growth rate of the previous year.
As the beginning of the 15th Five-Year Plan period, Guangdong's strong start comes amid a complex external environment and rising geopolitical risks. Chen Hongyu, a professor at the Party School of the Guangdong Provincial Committee and former counsellor to the provincial government, described the data as reflecting a "robust opening" for the year. Several sub-indicators reached multi-year highs during the period.
Notably, output of new quality products surged, with industrial robots, 3D printing equipment, and integrated circuits recording growth rates of 68.0%, 63.7%, and 47.5%, respectively. Industrial investment grew by 3.9%, while investment in research and experimental development jumped by 40.2%. Total foreign trade value increased by 22.1% year-on-year, with both imports and exports growing by over 20%.
Chen highlighted that these figures indicate Guangdong's economic restructuring is deepening, with new growth drivers accelerating. The province is making progress on emerging economic priorities such as coordination between industries and services, and balanced investment in human capital and physical assets.
The rapid expansion of new quality products is driven by both domestic demand and technological innovation. The booming consumer-grade 3D printing market exemplifies how new demand stimulates new supply. During the recent TCT Asia 2026 exhibition, Shenzhen Jinshi 3D signed an order exceeding 300 million yuan for 3D printing equipment, one of the largest in the industry this year.
Technological innovation continues to strengthen its leading role in the real economy. Guangdong, a major manufacturing base, is upgrading its industries through technological advances. The province now accounts for 40% of China's industrial robot output and 80% of service robot production. Breakthroughs in core technologies are enabling rapid capacity expansion among local enterprises. Yuejiang Technology recently began mass production and delivery of its third batch of full-size industrial humanoid robots, accelerating the commercialization of humanoid robots in industrial applications.
Han Jiawei, associate researcher at the Chinese Academy of Science and Technology for Development, commented that Guangdong serves as a model where technological innovation leads industrial development, and industrial growth in turn fuels further innovation.
Guangdong is also emphasizing the integration of investment in physical assets and human capital. The Dongguan Institute of Materials Science and Technology recently launched MatChat 2.0, an AI agent for materials science research with a remarkably low hallucination rate of 1.3%. This release is part of the institute's "AI+Science" strategy and highlights Guangdong's new economic engine: simultaneous investment in infrastructure and talent.
Provincial government work reports have stressed the importance of closely linking livelihood improvements with consumption promotion, and combining investment in physical assets with investment in human capital. Early data suggests this approach is yielding results. Excluding real estate development, fixed-asset investment in Guangdong grew by 9.0% in January-February. Infrastructure investment surged, with notable increases in power and heat production and supply, water transport, and air transport. Investment in internet and related services, software and information technology services soared by 360% and 640%, respectively, while research and experimental development investment rose by 40.2%.
Chen Hongyu noted that Guangdong's investment structure is gradually optimizing, with clear emphasis on new types of infrastructure. Major projects launched after the Spring Festival included computing power infrastructure and data centers, such as the China Telecom Guangdong-Hong Kong-Macao Greater Bay Area Integrated Data Center Project in Shaoguan and the China Unicom Artificial Intelligence Computing Center in Foshan.
Chen Yongjun, specially appointed professor at the Development and Reform Research Institute of Guangdong University of Finance and Economics, emphasized that beyond infrastructure, Guangdong must focus on "investing in people" through vocational education and AI skills training. The "Millions of Talents Gathering in South Guangdong" large-scale comprehensive job fair held this spring, offering over 85,000 positions, represents the province's latest effort in this direction. Chen Yongjun suggested that Guangdong should not only enhance talent recruitment but also address the "last mile" challenges of talent integration, ensuring smooth transitions for graduates into local life and work.
Market expectations for Guangdong's economy remain stable, as evidenced by consumption and physical volume indicators. Retail sales growth accelerated, while freight volume and freight turnover increased by 9.0% and 12.1%, respectively. Campaigns such as "Guangdong Products Go Global" and "Purchase Guangdong Quality Products" have helped unleash consumption potential both online and offline. During the Spring Festival holiday, retail sales in Guangdong increased by 13% year-on-year, and catering revenue grew by 2.3%.
The coordinated effort on both supply and demand sides has not only driven short-term growth but also improved market expectations. Chen Hongyu observed that the recovery in consumption reflects Guangdong's economic vitality and confidence in developing the service sector as a strong engine for growth. Last year, Guangdong's service sector output ranked first in China for the 41st consecutive year, accounting for nearly 60% of provincial GDP.
At the province's first major meeting after the Spring Festival, Guangdong clarified that promoting synergy and deep integration between manufacturing and services is key to building a modern industrial system and accelerating the development of new quality productive forces. The dramatic growth in investment in internet services and software and information technology services in January-February indicates that Guangdong is emphasizing not only consumer services but also the integrated development of producer services and manufacturing.
Following the Spring Festival, eight of the world's top ten testing and certification institutions have gathered in Huangpu District. TÜV Süd invested 2 billion yuan to establish a Greater Bay Area operations center, TÜV Rheinland invested 150 million yuan to expand production and create a one-stop platform, and Bureau Veritas invested 50 million Hong Kong dollars to set up a certification headquarters in the Greater Bay Area. This concentration reflects Huangpu's growing demand for green transformation and intelligent upgrading as a major industrial base.
Chen Hongyu pointed out that creating new application scenarios is essential for Guangdong to drive new supply in the service sector. Gong Zhenzhi, Director of the Guangdong Provincial Development and Reform Commission and Director of the Greater Bay Area Office, stated that Guangdong will promote coordination between the two sectors through three key approaches: empowerment, integration, and scenario creation.
Chen Yongjun added that Guangdong must leverage advancements in artificial intelligence to transform production methods and service models, thereby continuously improving the level of coordination between manufacturing and services.
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