A scene from the 138th Canton Fair, where buyers take photos with a robot.
At a critical juncture marking the conclusion of the 14th Five-Year Plan, Guangzhou’s economy has delivered a resilient performance: From January to November 2025, total retail sales of consumer goods surpassed the one trillion yuan threshold; cumulative production of new energy vehicles grew by 22.6%, and civilian drone production increased by 41.1%; air passenger traffic exceeded 100 million person-times one month earlier than last year… These figures serve as the most striking indicators of its economic vitality.
However, more noteworthy than the total volume breakthrough is the structural story quietly unfolding beneath the “stable” trend—the transformation of old and new growth drivers and the leap in development quality. This year, driven by the coordinated efforts of a series of policies to stabilize growth and the “traffic effect” of the 15th National Games, Guangzhou is achieving an upgrade in its economic structure in a more substantive way while maintaining stable growth.
The Foundation of Resilience: The “Stabilizer” and “New Engine” Behind a Trillion-Yuan Consumer Market
Consumption is both the end and a new starting point of the economic cycle. Total retail sales of 1007.801 billion yuan and a year-on-year growth of 4.2% signify the vast capacity and steady pace of Guangzhou’s domestic demand market. This is not merely an expansion in scale but a structural optimization occurring beneath a calm surface.
The role of basic consumption as a “stabilizer” remains solid—In the first 11 months of this year, demand for livelihood-related goods among retail goods sold by enterprises above the designated size remained stable. Retail sales of essential goods such as grain, oil, and food; clothing, shoes, and hats; and daily necessities all maintained steady growth, increasing by 11.7%, 12.1%, and 3.8% respectively, providing a more solid foundation for the “stability” of the economy.
Green and digital consumption lead the future—Boosted by automobile promotional activities in November, cumulative retail sales of automobile-related goods grew by 4.2% year-on-year, with new energy vehicle retail sales growing by 12.7%. Online consumption has spurred new consumption hotspots, with online retail sales of physical goods by wholesale and retail enterprises above the designated size, and food and beverage revenue generated via public networks by accommodation and catering enterprises, growing by 10.2% and 16.2% respectively. The share of online retail sales of physical goods in total retail sales rose to 31.3%.
The mascots “Xi Yangyang” and “Le Rongrong” successfully broke through to become internet sensations. Official estimates suggest sales of 15th National Games derivative products could reach 1 billion yuan. The Games launched over 2,800 licensed products, with more than 30 models in high demand, and page views surpassed the 100 million mark.
In fact, upgraded consumption is opening new growth space—In the first 11 months, retail sales of gold, silver, and jewelry, as well as cosmetics, grew by 10.2% and 5.8% respectively. Cultural and office supplies, sports and entertainment articles, and electronic publications and audiovisual products showed impressive growth rates of 11.5%, 21.7%, and 110% respectively.
The Core of Transformation: Industrial System’s “New Trees Form a Forest” as New Quality Productive Forces “Accelerate Their Assembly”
The vitality on the consumption side stems from profound changes on the supply side. Guangzhou’s industrial system is undergoing a “dimensional upgrade” competition, shifting from “pillar restoration” to “new trees forming a forest.”
Traditional pillars are being revitalized through repeated “intelligent transformations,” with the automobile manufacturing industry being the most vivid example. In the first 11 months, although the industrial added value of automobile manufacturing saw a slight year-on-year decrease of 0.8%, it continued to improve and further optimize its industrial structure, particularly with the rapid output of new energy vehicles, whose cumulative production grew by 22.6%.
Simultaneously, driven by policies supporting “new infrastructure and new urbanization,” the electrical machinery and equipment manufacturing industry and the special equipment manufacturing industry maintained high growth rates of over 9% in industrial added value. Production of products like elevators, household refrigerators, and tablet computers continued to see double-digit growth. Traditional manufacturing is moving
