Fast economic growth to continue in Guangdong

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Last updated at: (Beijing Time) Sunday, January 25, 2004

Fast economic growth to continue in Guangdong

Guangdong Province, one of China's economic powerhouses, will continue to keep a double-digit growth this year, according to Bu Xinmin, head of the provincial statistical bureau.

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Guangdong Province, one of China's economic powerhouses, will continue to keep a double-digit growth this year, according to Bu Xinmin, head of the provincial statistical bureau.

Bu said the prediction was based on favorable consumption and investment prospects.

The province scored 1.35 trillion yuan (about 162 billion US dollars) in gross domestic product (GDP) last year, up 13.6 percent from 2002 and a record high in eight years.

The industrial sector contributed 67.1 percent to the growth of the province's GDP. And major industrial businesses accomplished 560.63 billion yuan (about 67.55 billion US dollars) in added value in the past year, up 21.9 percent.

The province invested 498.89 billion yuan (some 60.11 billion US dollars) in fixed assets last year, up 16.5 percent.

Propelled by factors such as China's entry into the World Trade Organization and recovering domestic demand, Guangdong saw a drastic rise in foreign trade.

The province did 283.64 billion US dollars worth of imports and exports last year, up 28.3 percent, and had an inflow of 18.94 billion US dollars of overseas capital in 2003, up 14.2 percent.

During the same period, per capita disposable income for urbanites in Guangdong was 12,380 yuan (about 1,492 US dollars), up 11.2 percent, while per capita net income for farmers amounted to 4,055 yuan (about 489 US dollars), up 3.6 percent.

Retail sales of consumer commodities in the province reached 558.72 billion yuan (roughly 67.32 billion US dollars) last year, up 11.4 percent. The registered employment rate for urban residents went down by 0.1 percentage points from that of 2002 to three percent last year.

The negative impact caused by the devastating SARS early last year on Guangdong's GDP was calculated to be around 0.8 percentage points, according to Pu.

Source: Xinhua

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