Shenzhen Replaces Guangzhou to Lead Provincial Economy

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Last updated at: (Beijing Time) Monday, August 12, 2002

Shenzhen Replaces Guangzhou to Lead Provincial Economy

Shenzhen, a boomtown in south China's Guangdong Province, has replaced provincial capital Guangzhou to lead the local economy for the first time.

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Shenzhen, a boomtown in south China's Guangdong Province, has replaced provincial capital Guangzhou to lead the local economy for the first time.

In the first half of this year, its sales of industrial products amounted to 153.653 billion yuan (18.5 billion US dollars), 10.4 percent more than Guangzhou's 139.118 billion yuan (16.8 billion US dollars), latest figures released by the Guangdong Provincial Bureau of Statistics show.

Shenzhen's total industrial output went up 17.4 percent to 288.044 billion yuan (34.7 billion US dollars) in 2001 over a year ago,as against Guangzhou's 282.2 billion yuan (34 billion US dollars).

Some 3.602 billion US dollars of overseas investment poured into Shenzhen last year, 8.3 percent more than 3.327 billion US dollars reported in Guangzhou.

Shenzhen, one of the country's earliest special economic zones,reported imports and exports totaling 62.034 billion US dollars in 2001, nearly three times more than Guangzhou.

Meanwhile, Shenzhen reported 26.249 billion yuan (3.16 billion US dollars) of fiscal revenue in 2001, surpassing Guangzhou's 24.619 billion yuan (2.97 billion US dollars).

With a population of about 4 million, Shenzhen, a former fishing village bordering Hong Kong, has long impressed the world with its rapid economic growth known as "Shenzhen Speed".

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