Nanshan District's GDP grew by 5.1% year on year to reach 856.6 billion yuan (US$119.6 billion) in 2023, ranking first among all districts and counties in Guangdong Province for 11 consecutive years, according to data released by the Nanshan District Statistics Bureau.

The district’s GDP growth rate in 2023 was up by 1.1 percentage points and 1.8 percentage points compared to the previous three quarters and 2022, respectively.

The gross output of the commercial services industry and financial industry in the district’s tertiary sector both exceeded 100 billion yuan, while its industrial structure continued to optimize and upgrade.

Nanshan saw an increase of 1,368 new enterprises throughout the year, with over 10,000 enterprises registered in directory.

The added value of commercial services industry accounted for nearly 40% of the district’s GDP, up by 6.8% year on year. The internet and related service industries, which accounted for the largest share of revenue, continued their double-digit revenue growth. New businesses in the industry soared by 115.7%.

The added value of the industrial sector surpassed over 230 billion yuan, increasing 6.2% year on year, outpacing GDP growth by 1.1 percentage points.

Pillar industries including computer, communications, and other electronic equipment manufacturing industries contributed nearly half of the added value of industries above designated size, driving industry growth by 2.4 percentage points.

Both industrial investment and technological transformation have achieved double-digit growth, propelling new industrialization.

The added value of the district’s financial sector reached the 100-billion-yuan mark in 2023, up 5.9% year on year, outpacing GDP growth by 0.8 percentage points.

At the end of 2023, the balance of deposits and loans in local and foreign currencies accounted for over 20% of the city’s total, growing by double digits throughout the year and effectively boosting the development of real economy.

Fixed-asset investment increased by 12.2% year on year in 2023, with construction and engineering projects accounting for over 50%. The total retail sales of social consumer goods rose 7.5% year on year; with retail, accommodation, and catering industries achieving double-digit growth.