Economic Performance - In April, the industrial added value for large-scale industries grew by 6.1% year-on-year, down from 7.7% in March, with a cumulative year-on-year growth of 6.4%[3] - High-tech industries maintained a strong performance with a 10% year-on-year growth in April, although slightly down from 10.7% in March[3] - Fixed asset investment saw a cumulative year-on-year growth of 4% in April, a decrease of 0.2 percentage points from the first quarter[3] Consumer Trends - The total retail sales of consumer goods in April increased by 5.1% year-on-year, down from 5.9% in March, but still better than the previous year's performance[3] - Jewelry retail sales surged by 25.3% year-on-year in April, significantly higher than the previous month's 10.6% growth[3] - Home appliance and audio-visual equipment sales also showed strong growth at 38.8% year-on-year in April, up from 35.1% in March[3] Employment and External Factors - The urban surveyed unemployment rate in April was 5.1%, a slight decrease of 0.1 percentage points from the previous month, indicating stable employment conditions[3] - Despite external pressures, domestic demand indicators such as employment and retail sales did not show signs of a sharp decline, suggesting resilience in the economy[3] - The report highlights potential risks from export-driven growth strategies that may affect the second half of the year[3]

Economic Indicators - In April, industrial added value year-on-year was 6.1%, a significant drop of 1.6 percentage points from March, indicating a slowdown in industrial production[4] - Fixed asset investment in April grew by 3.5% year-on-year, down 0.8 percentage points from March, with infrastructure investment declining by 3 percentage points to 9.6%[7] - Real estate investment in April saw a year-on-year decrease of 11.3%, a slight decline of 1.3 percentage points from March, with new construction area down by 22.1%[11] Consumer and Market Trends - Retail sales of consumer goods in April increased by 5.1% year-on-year, down 0.8 percentage points from the previous month, but still at a relatively high level[13] - Social financing in April grew by 8.7% year-on-year, an increase of 0.3 percentage points from the previous month, primarily driven by government bond issuance[16] - The A-share market has shifted from initial panic over economic slowdown to a focus on the extent of economic deceleration, with confidence in the economy improving for the second half of the year[20] Tariff Impact and Policy Response - The imposition of reciprocal tariffs has led to a noticeable decline in total demand, with April's PPI showing a month-on-month decrease of 0.4%[5] - The recent U.S.-China trade negotiations have eased expectations regarding tariffs, suggesting a potential moderation in the negative impact on the real economy[5] - The central bank's likelihood of significantly tightening monetary policy appears limited due to greater downward pressure on the economy compared to earlier in the year[22]

Economic Overview - Guangdong's GDP for Q1 reached 33,525.51 billion yuan, with a year-on-year growth of 4.1% [1] - The first industry value added was 934.45 billion yuan, growing by 3.3%, while the second industry value added was 12,002.53 billion yuan, growing by 3.7% [1] - The third industry value added was 20,588.53 billion yuan, with the highest growth rate of 4.3% [1] Service Sector Growth - The service sector's value added increased by 4.3% year-on-year, accelerating by 1.5 percentage points compared to the previous year [5] - The third industry has become the core engine driving economic growth, with a significant increase of over 1,867 million yuan compared to the same period last year [3] Industrial Performance - Industrial output value for large-scale industries grew by 3.9% year-on-year, with March showing a growth of 5.5% [8] - Key industries such as general equipment manufacturing and automotive manufacturing saw significant growth, with automotive manufacturing increasing by over 20% [8][10] - New energy vehicle production surged by 29.9%, up from 13.9% in the previous year [10] Investment Trends - Industrial investment accounted for 38.0% of total investments, increasing by 0.8 percentage points year-on-year, with automotive manufacturing investment growing by 41.0% [16] - Investment in industrial technology upgrades rose by 7.6%, with manufacturing technology upgrades growing by 7.5% [16] Consumer Market Dynamics - Retail sales of consumer goods increased by 2.5% year-on-year, with March showing a growth of 5.8% [19] - The "old-for-new" policy significantly boosted sales in home appliances and furniture, with categories like home appliances growing by 29.1% [21] Foreign Trade Performance - Guangdong's foreign trade reached 2.14 trillion yuan in Q1, growing by 4.2% year-on-year, outpacing the national growth rate by 2.9 percentage points [24] - Exports of mechanical and electrical products accounted for 67.5% of total exports, with electric vehicle exports increasing by 107.9% [24] Future Economic Strategies - Guangdong plans to implement more incentive policies to stabilize foreign trade and boost consumption, focusing on sectors like automotive and home appliances [27] - The province aims to enhance investment in high-tech and advanced manufacturing industries while promoting new consumption models [27]