China Knowledge reported that Guangzhou government targeted 11% GDP growth rate this year may lose some steam. In the first 6 months of this year, GDP growth rate was 11.2%. However, growth rates in June and August were lower than expected and dragged down the overall growth rate for the first eight months.

Total retail sales of consumer goods grew 16.4%, 0.4 percentage points higher than expected. Total import and export value increased 12.2%, and actual use of foreign investments grew 10.5% to USD 3.164 billion.

Automobile, electronics and petrochemical industries' performance were not as good as expected that caused GDP growth rate to slow. The government is instructing these industries to reverse the unfavourable situation. Measures will be taken to attract foreign investments and speed up the launch of projects in Guangzhou. Guangzhou is striving to meet the 11% GDP growth rate target in the last 100 days of this year.

(Sourced from China Knowledge)