Luohu officials urged to tap new growth potential
Luohu held an economic work conference on May 6 to review its economic development in the first quarter of 2019 and deploy economic work for the rest of the year.
Luohu Party chief He Haitao, Luohu government head Luo Yude and other leaders of the district government, including Song Yan, Fan Defan, Li Xiaoning and Zuo Jinping, attended the meeting alongside the heads of all relevant government departments of Luohu.
Following the decisions of the Communist Party of China Shenzhen Committee and the Shenzhen municipal government, Luohu is pursuing improved stability, new development concepts and rejuvenation of the district through high-quality growth.
It was announced that in the first quarter, Luohu's economic growth has generally remained stable, with its main indicators performing better than predicted.
In the first three months of the year, Luohu's gross domestic product reached 56.42 billion yuan ($8.34 billion), up 7.3 percent year on year, which is the same as the annual growth of the district's GDP last year.
Furthermore, Luohu's investment in fixed assets has kept up a double-digit increase, and its total retail sales of consumer goods have grown steadily, ranking second among Shenzhen's 10 districts.
Some key enterprises in finance, wholesale and retail, plus its service sectors, have played a prominent role as the "ballast stone" of the economy and main drivers of growth.
The service sector's share in Luohu's GDP is the highest among all districts of Shenzhen. Luohu’s economic density is higher than the city's average, and the coordination of its various sectors has improved.
It was also shared that the growth of strategic emerging industries in Luohu is robust, and that the retail industry relies more on the internet. Luohu has secured fresh stimulus through economic restructuring; in the first quarter, the district registered 324 new competitive enterprises, thanks to its efforts to attract investment.
Guidelines were laid out at the conference directing all relevant departments to focus on four aspects, 15 key tasks and 34 specific works related Luohu's economy this year, so as to strengthen coordination between industrial growth and urban renovation and development, and to tap into new growth potential.
The conference stressed that tough challenges remain, despite the achievement in economic work in the first quarter. Government departments were urged to show more foresight and to examine the economic situation in Luohu in a practical way in order to realize the annual growth target.