South China's Guangdong Reports Rapid GDP Growth

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Last updated at: (Beijing Time) Sunday, October 20, 2002

South China's Guangdong Reports Rapid GDP Growth

South China's Guangdong Province, a leading economic powerhouse of the country, recorded a year-on-year increase of 10.5 percent in gross domestic product (GDP) in the first nine months.

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South China's Guangdong Province, a leading economic powerhouse of the country, recorded a year-on-year increase of 10.5 percent in gross domestic product (GDP) in the first nine months.

According to figures from the provincial statistics bureau, Guangdong, bordering Hong Kong, generated 810.7 billion yuan (98.8billion US dollars) in local GDP from January to September.

Experts attribute the fast economic growth to increased investment, growing consumption and a rapid increase in exports.

Investment in fixed assets totaled 237 billion yuan (28.9 billion US dollars), up 17.3 percent, while retail sales volume reached 360 billion yuan (43.9 billion US dollars), 10.9 percent more than the same period last year.

The province, China's top foreign exchange earner, reported 85.27 billion US dollars in exports in the nine months, an increase of 23.8 percent.

Contractual overseas investment soared by 42.8 percent to 13.95billion US dollars, and actual overseas investment stood at 10.83 billion US dollars, up 14.5 percent.

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