(Yicai) Oct. 28 -- Guangzhou’s economy grew by 5.7 percent in the first three quarters from a year earlier, its highest growth rate in five years and ranking second among China’s four first-tier cities behind only Shenzhen’s 6 percent.

Guangzhou’s gross domestic product was CNY2.48 trillion (USD372.7 billion) in the nine months ended Sept. 30, according to data the city released on Oct. 26. Industrial production jumped 5.5 percent year on year, with the three pillar industries -- auto, electronics, and petrochemical -- rising 5.4 percent. 10.7 percent, and 5.3 percent, respectively.

The auto sector and the other traditional pillar sectors have recovered relatively quickly, while high-tech industries have seen a new wave of development, suggesting that Guangzhou’s push to upgrade and transform its manufacturing sector in recent years has achieved results, Peng Peng, executive president of the China Society of Economic Reform’s Guangdong branch, told Yicai.

New energy vehicle output rose almost 55 percent, driving lithium-ion battery production up 58 percent and smart in-vehicle equipment manufacturing up 37 percent. Guangzhou’s pharmaceutical output also expanded, with biopharmaceuticals and medical equipment production rising 24 percent and 16 percent, respectively.

Integrated circuit production surged 65 percent in the first three quarters from a year ago, while optoelectronic devices rose 21 percent, analog chips 28 percent, industrial robots 23 percent, and service robots 21 percent.

In addition, Guangzhou’s advanced manufacturing development also focuses on creating synergy with modern services. Its technology services industry brought CNY113.9 billion (USD17.1 billion) in revenue in the first nine months, up 8.6 percent year on year, ranking first in growth among first-tier cities.

Editor: Martin Kadiev