On the afternoon of November 14th, Mayor Zhang Guangning informed deputies to the 13th National People's Congress.of Guangzhou's economic situation. From January to October this year the city's GDP has reached RMB 562.947 billion, representing a 14.4 percent rise over the same period last year. In 2007, the annual economic growth rate is expected to be 14.2 percent and the city's GDP to exceed RMB 700 billion.

Zhang's report included comments that communications, automotive, petrochemical and electronics manufacturing are still the three pillar industries of Guangzhou, and that the development of high-tech industries is accelerating. Following the establishment of the national software industry base, electronic information industry base, and cartoon game industry base, a national bio-industry base was also approved by the National Development and Reform Commission.

So far this year the economy of Guangzhou has coordinated development of the mechanical and electrical products, and the high-tech products sectors accounting for 50.51% and 17.29% respectively of total exports. Motor vehicles and spare parts become a new highlight export with exports of cars ranked in the fist position of the country. At present 160 of the world's top 500 enterprises have made investments in, or established branches in Guangzhou. From January to October, the city's total retail sales of consumer goods reached RMB 211.712 billion, showing a 17.8 percent rise over the same period last year. The growth rate is the highest in the recent 10 years. This year, the city's total investment for urban construction is RMB 23.976 billion (excluding the funds for the Nansha project). Importance has been placed on the construction of airports, sea ports, rail transportation, urban road traffic and public service facilities.  

Editor: Donald