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Quality over speed, Guangdong lower growth target to 7.5%

2015-February-9       Source: Newsgd.com

Governor of Guangdong province targeted the annual GDP growth of 2015 around 7.5% on the government work report on Feb. 9.


Zhu Xiaodan deliver report on government work in the 3rd Session of the 12th Guangdong Provincial People’s Congress.

Zhu Xiaodan, Governor of Guangdong province, targeted the annual GDP growth of 2015 around 7.5% on the government work report in the 3rd Session of the 12th Guangdong Provincial People’s Congress on Feb. 9.

Quality Over Speed

According to the report, Guangdong's GDP reached 6.78 trillion RMB in 2014, up 7.8% annually but fail to meet the target of 8.5 percent set in last year's work report. However, according to Zhu, the core of 2014 economy growth was quality and efficiency. During 2014, 22 measures were applied to stabilize the growth of economy, while 25 measures to ensure steady increase of overseas trading volume.

The report tells that Guangdong's per capita GDP hit 10,000 USD for the first time, accompanied with 2.44% unemployment rate. The total retail sales of consumer goods reached 2.85 trillion RMB, up 11.9% year on year in the slowing down global economy, the province's total export-import volume reached 1.08 trillion RMB, with 1.5% increase in export General budget revenue of regional finance went up to 806 billion RMB, 13.9% higher than the previous year. Per Capita disposable income has increased by 8.8%. Investment in fixed assets kept fast growth, Zhu said. which increased by 15.9% to a total of 2.59 trillion RMB.

The industry restructuring kept optimizing. The percentage of the primary, secondary and the tertiary industry had adjusted to 4.7%, 46.2%, 49.1% respectively. Industry added value soared by 7.8%. Added value of service industry grew by 8.2%, which modern service industry accounted for as much as 58.4%. Finance industry gained added value up to 472.4 billion, increased by 12.5% compared to last year.

For 2015, the government lowers its GDP growth target to 7.5%, which is 1% lower than the last year's target. Zhu said the mission of 2015 is stick to the principle of stability, to ensure the quality and efficiency of economy growth. Guangdong needs to adjust itself to the New Situation of transforming the traditional economic structure to innovation-based structure, to achieve the harmony and healthy growth of economy and society.

Transformation on Its Way

According to the report, the information consumption around the province reached 860 billion RMB in 2014, which surged about 20% than the previous year. E-commerce trading volume hits 2.63 trillion RMB, up 30.5%.

Zhu said on Monday's report that Guangdong actively encourages finding new economy growing drive in this year. He said the province will further support the usage of 4G technology, which is expected to contribute to the next round of information consumption. He also vowed to breed a bunch of organized e-commerce platforms and websites to help transforming traditional industries, building an online-offline-integrated e-commerce service system among corporations.

Cooperation Deepens

"One Belt One Road" strategy (two concepts of "Silk Road Economic Belt" and "21st Century Maritime Silk Road") and the newly set-up Guangdong Free Trade Zone will be two main overseas trading platforms that Guangdong focuses on in this year, according to the report. On one hand, make related regulations and laws in the zone, and optimize the overseas trading management system. On the other hand, establish a mechanism for related harbor cities and improve harbor construction to deepen the cooperation of culture and economy of different countries.

Measures mentioned above are utilized as the key to the deeper communication between Guangdong and Hong Kong, Macau, Taiwan, and even to the western world and new economies.


Editor: Olivia

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