Economic review of Guiyang in 2022

Over the past year, Guiyang, capital of Guizhou province, has overcome uncertainties such as the COVID-19 epidemic and extreme weather conditions and maintained stable and positive economic and social development.

Last year, the city's GDP reached 492.12 billion yuan ($72.59 billion), a year-on-year increase of 2 percent.

The added value of the primary industry in Guiyang was 20.36 billion yuan, up 4 percent year-on-year; the added value of its secondary industry totaled 173.96 billion yuan, an increase of 3.7 percent; and the added value of its tertiary industry was about 297.8 billion yuan.

1. Steady growth of the agricultural economy and good growth momentum of characteristic industries

In 2022, the total output value of agriculture, forestry, animal husbandry and fishing in Guiyang surpassed 34.48 billion yuan, a year-on-year increase of 4.5 percent.

The output of major crops maintained generally stable growth. The output of vegetables was 3.13 million metric tons, an increase of 4.3 percent year-on-year.

2. Steady progress in industrial production

Last year, the total industrial added value of Guiyang accounted for 21.2 percent of the city's GDP, while the added value of industries above designated size increased by 4.4 percent year-on-year.

3. Stable investment in fixed assets and continuously optimized investment structure

In 2022, fixed-asset investment in Guiyang dropped by 4.2 percent year-on-year, while industrial investment increased by 50 percent year-on-year, which was 54.2 percentage points higher than the growth rate of all investment, driving investment growth by 7.8 percentage points.

The investment in the high-tech service industry jumped by 48.6 percent, while the investment in high-tech manufacturing industry soared by 166.5 percent.

4. The consumer goods market and consumption of insurance products are increasing

Consumption related to people's livelihood has grown rapidly; retail sales of grain and oil increased by 12.7 percent; retail sales of Western medicines surged by 39 percent; retail sales of computers and ancillary products grew by 164.7 percent; and the consumption of new energy vehicles soared by 183.9 percent.

5. Fiscal revenues and expenditures are stable and the financial market is operating smoothly

At the end of December, the city's financial institutions' renminbi deposit balance reached 1,441.59 billion yuan, a year-on-year increase of 7.7 percent, while the financial institution's RMB loan balance was 1,926.6 billion yuan, up 11.8 year-on-year.

6. Consumer prices rose slightly while industrial producer prices fell

In 2022, Guiyang's consumer price index (CPI) rose by 1.9 percent year-on-year.

In 2022, the ex-factory price index and the purchase price of industrial producers in Guiyang rose by 7 percent and 12 percent year-on-year, respectively.