Hubei’s economy sustained stable growth in July with booming growth drivers, according to figures from the Hubei Statistics Bureau and the Survey Office of National Bureau of Statistics of China in Hubei on August 16, 2024.

Hubei’s added value of high-tech manufacturing sector, expanded 27.8 percent year on year in July.

In the same month, the province’s industrial added value above designated size increased by 8.3 percent year on year. The growth of high-tech manufacturing sector was 19.5 percentage points faster than that of the sectors above designated size, maintaining its leading momentum since the beginning of the year. The output of smart phones, tablets and optoelectronic devices jumped by 120 percent, 54.1 percent and 37.8 percent, respectively.

Hubei’s fixed-asset investment rose 5.9 percent year on year in the first seven months of the year, roughly on par with the figure of the first six months.

Hubei’s total retail sales of consumer goods went up 5.3 percent year on year to over 1.32 trillion yuan in the first seven months of the year. Especially, the online retail sales above the designated quota grew by 17.3 percent, 1.7 percentage points higher than that posted in January - June period.

From January to July, Hubei’s total import and export volume expanded 5.9 percent to reach 370.16 billion yuan, quickening by 0.6 percentage points from the first six months. The exports of mechanical and electrical products increased by 15.6 percent, accounting for 54.8 percent of the province’s total exports. (en.hubei.gov.cn by Ruan Xinqi)