On April 21st, Guangdong released its GDP figures for the first quarter (Q1), showing that the economy grew 4.6% year on year, 0.7 percentage points faster than the pace for the whole of last year. That marked the strongest first-quarter growth in nearly five years, delivering a good start in the opening year of the 15th Five-Year Plan period.

The real significance of that 0.7-percentage-point pickup can be seen in three indicators: investment returned to positive growth for a second straight month, with investment in the purchase of equipment and instruments surging 42.3%; the growth rate of total retail sales of consumer goods outpaced the national level, with Guangdong's current resident population of 165 million underpinning domestic demand; and both advanced manufacturing and producer services gathered momentum.

In the first quarter, Guangdong's fixed-asset investment remained in positive territory for a second consecutive month. Driven by a large-scale round of equipment renewal, investment in the purchase of equipment and instruments jumped 42.3%, while investment in computer and internet-related industries both posted rapid growth. With BASF's Verbund site in Zhanjiang becoming fully operational and the CALB Jiangmen Base on track to reach 10 billion yuan in output value, Guangdong is charting a new path for investment led by advanced manufacturing.

On the consumption front, growth in Guangdong's total retail sales of consumer goods came in above the national average. The "Guangdong Goods Global Reach" initiative generated roughly 13 billion yuan in prospective transactions, while the consumer goods trade-in program drove more than 46 billion yuan in sales. Guangdong's current resident population remained at 165 million, and steadily rising household incomes provided solid support for the consumer market.

On the industrial front, both advanced manufacturing and high-tech manufacturing grew far faster than the average for industrial enterprises above designated size, and scientific research and technology services led growth in the service sector. The Pearl River Delta region has already developed an ecosystem of robot core components within a half-hour drive, and Guangdong's manufacturing sector is upgrading from a model defined by "low costs and fast delivery" to one marked by "stronger integrated systems and more comprehensive services."

The true value of that 0.7-percentage-point gain lies in this: the growth is being driven not by real estate, a traditional growth driver, but by a new engine powered by investment in the purchase of equipment and instruments; not by piling up output in low-end manufacturing, but by a qualitative leap in high-tech manufacturing.

加快0.7个百分点！广东一季度经济回升的“含金量”

4月21日，广东一季度GDP数据出炉：同比增长4.6%，比去年全年加快0.7个百分点，创下近5年来一季度最高增速，实现“十五五”开局之年首季“开门红”。

0.7个百分点的回升，含金量体现在三条线索：投资连续两月正增长，设备工器具投资暴增42.3%；社零增速跑赢全国，1.65亿实时在粤人口支撑内需底盘；先进制造与生产性服务业双双提速。

一季度，广东固定资产投资连续两月保持正增长。在大规模设备更新驱动下，设备工器具投资大增42.3%，计算机、互联网相关产业投资均实现高速增长。巴斯夫湛江一体化基地全面投产、中创新航江门基地冲刺百亿产值，广东投资走的是先进制造“新路”。

消费方面，广东社零总额增速高于全国。“广货行天下”行动撬动意向成交约130亿元，以旧换新拉动销售超460亿元。实时在粤人口保持1.65亿，居民收入稳步增长，为消费市场提供了坚实支撑。

产业方面，先进制造业、高技术制造业增速均远超规上工业平均水平，科学研究和技术服务业领跑服务业。珠三角已形成机器人核心零部件“半小时车程生态圈”，广东制造业正从“成本低、速度快”升级为“系统强、服务全”。

0.7个百分点的含金量在于：支撑增速的不是房地产旧动能，而是设备工器具投资的新引擎；不是低端制造的量的堆叠，而是高技术制造业的质的跃迁。

文 | 羊城晚报经济评论员 陈泽云
图 | 文心一言生成
翻译 | 郑奕玲
审校 | 曾敏