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Guangdong gets through the "middle-income trap"

2015-January-21       Source: Newsgd.com

With the per capital GDP of over 10000 USD, Guangdong has got over the "middle income trap" .

 

With the per capital GDP of over 10000 USD, Guangdong has got over the “middle income trap” .

Economic stability

According to Nanfang Daily, the GDP of Guangdong province totaled 6.72 trillion RMB in 2014, with year-on-year growth of 7.7%. At the same time, the per capital GDP of Guangdong exceeded 10000 USD.

The success leap over the “middle-income trap” owns to the economic restructuring of the Pearl River Delta and the development of the Northwest and the East of Guangdong.

To maintain a balanced economic growth, Guangdong introduced strategies to develop the east, west and north Guangdong and invested 64.7billion to revamp the poor infrastructure in these two regions. Facing the turbulent international financial market, Guangdong came up with 25 measures to improve the weak trade market. Instead of introducing favored policies, the measures aimed at the transformation and the innovation of the industry. As a result, the decline rate of the import and export volume dropped to 1.4 %.

In addition to the development of the less developed areas, great efforts were made to change the mode of growth and readjust the economic structure. The import and export rate of general trade was 5.3% faster than processing trade. And the service industry contributed 53% of Pearl River Delta’s GDP.

Economic growth

Guangdong, relying on trade heavily before, saw a more balanced trade-investment-consumption growth last year ,with the fixed asset investment rose by 15.5%, consumption up 11.8% and the export increased by 1.6%.

The different regions in Guangdong developed in a more coordinated way in 2014. The east, west and north regions of Guangdong boasted a faster development then than the Pearl River Delta and took a bigger share in driving the provincial economic growth. They saw improved infrastructure, expansion of industrial parks and the upgrade of urban areas.

In addition, Guangdong gradually saw the benefits of innovation-driven development. R&D investment in Guangdong reached 2.4% last year. And the self-sufficient rate of technique rose to 70%.

New attempts

According to Nanfang Daily, some experts believe that the success of Guangdong economy lies in its fearless guidance in economic reform and development innovation. And the further opening up of Guangdong also plays an important role in the struggle to break away from the “middle-income trap”. In 2014, Guangdong strengthened cooperation with Hong Kong, Macao, ASEAN members and countries along the Maritime Silk Road. More importantly, the Guangdong free trade zone with an area of 116 square kilometers was approved, which was expected to further stimulate the overall economic growth. Besides, the people's livelihood was always put in the first place by the governors in Guangdong.

Editor: Sunny

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