Provincial govt efforts to balance stability, reforms helped growth: experts
South China's Guangdong Province reaffirmed its position as the largest economy by GDP among the 31 provinces and municipalities in the Chinese mainland in 2016, having posted relatively fast growth. Experts pointed out Monday that the nation's economic powerhouse was mainly boosted by government efforts to stabilize the economy and by overheating housing prices.
In a year marked by deepening structural reforms and tough economic conditions both at home and abroad, Guangdong's economy grew by 7.5 percent year-on-year to 7.95 trillion yuan ($1.16 trillion), according to data released Sunday by the Statistics Bureau of Guangdong Province.
Though Guangdong's GDP growth in 2016 slowed down from 8 percent in the previous year, it remained faster than the national average of 6.7 percent. This is the 28th consecutive year that the province's GDP volume was the largest in the country, according to an article posted on the Guangdong Provincial government's website on Monday.
If Guangdong was a country, its economy would be the 16th largest in the world, the article added.
Guangdong also became the first Chinese province (or municipality) to generate over 1 trillion yuan in general revenue, having expanded by 10.3 percent year-on-year in 2016, the article noted.
In 2016, not only did Guangdong maintain its "overall stable" economic growth, but new positive changes also surfaced, Xing Xiaowei, director of the Guangdong statistics bureau, said in the article.