Shandong Joins Guangdong, Jiangsu as China's Economic Giants

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Last updated at: (Beijing Time) Sunday, January 12, 2003

Shandong Joins Guangdong, Jiangsu as China's Economic Giants

The coastal province of Shandong in east China has become one of the country's top three economic areas along with the provinces of Guangdong and Jiangsu, according to official figures.

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The coastal province of Shandong in east China has become one of the country's top three economic areas along with the provinces of Guangdong and Jiangsu, according to official figures.

Zhang Gaoli, governor of Shandong, said the province's gross domestic product (GDP) for the past year is expected to be 1.05 trillion yuan (128 billion US dollars).

The figure represents an increase of 11.5 percent year-on-year and makes Shandong the third provincial area in China with its GDP exceeding the 1-trillion-yuan mark.

The governor projected the province's foreign trade for last year at a total of 33.5 billion US dollars, and its actual use of overseas investment at 6.57 billion US dollars, overtaking Shanghai, and Guangdong and other provinces.

Investment in fixed assets in Shandong, a province with a population of about 90 million, jumped by 25 percent last year to 350 billion yuan (42.6 billion US dollars), the fastest growth since 1994, said the governor.

Guangdong Province, which borders Hong Kong, has become one of China's leading manufacturing and processing areas thanks to massive investment from Hong Kong, Taiwan, and other countries or regions.

Jiangsu is famous for its booming manufacturing industry in areas adjacent to Shanghai, the country's industrial center.

Though its population is much less than each of the three provinces, Shanghai projected its GDP for 2002 at 540 billion yuan(65 billion US dollars), about half of each of the provinces.

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