Since it initially occupied the first position in total economic output in 1989, Guangdong has consistently been one of the most important engines driving the surging growth in China's economy and has been all the more outstanding since the Sixteenth Party Congress. In the period from 2002 to 2006, Guangdong's GDP registered an average annual increase of 14.5%,prominently above the national average, accounting for about one-eighth of the national GDP, up from one-ninth, thus vigorously pulling the country in economic growth.

Rapid growth in the last five years has brought with it enormous wealth. Guangdong's total economic output in 2002 registered 1.3502 trillion RMB yuan and nearly doubled the amount last year to 2.6204 trillion RMB. The high economic growth rate has been maintained at 14.3% for the first half of 2007, indicating that the total economic output, if calculated at this rate, is expected to approach 3 trillion RMB by the end of this year. The surge from over one trillion to nearly 3 trillion RMB in such a short span of five years indeed speaks volumes for its powerful momentum.

In its powerful economic growth, Guangdong sets as its comparable benchmark target the four Asian tigers of Singapore, Hong Kong (China), Taiwan (China) and South Korea. According to a report by Guangdong Statistical Bureau, the GDP in Guangdong is expected to reach $390 billion, arguably surpassing that of Taiwan (China) and also exceed the average GDP of those “four tigers”, after outperforming Singapore and Hong Kong (China) in GDP several years ago.

The past five years have also seen a landmark breakthrough in per capita GDP in Guangdong Province. In 2006, per capita GDP reached $3,509, which means it has already essentially attained to the benchmark goal, 13 years ahead of schedule, for per capita GDP according to the national indices of a well-off society in an all-around way, placing Guangdong well past the threshold of first-stage modernization.

Guangdong's rapid economic growth is attributed to transforming the mode of its economic development. Five years of pioneering its implementation of the concept of scientific development gives the province a new appearance.

The traditional growth pattern of the past, characterized by huge fixed asset investment, fast economic growth, high energy consumption, heavy pollution and low efficiency, has been changed into a brand-new pattern marked by low input, low energy consumption and light pollution coupled with high growth rate, high efficiency and a steady increase in disposable income for both urban and rural residents.

A series of new "national championships" won by Guangdong Province in the past five years best represent the transformation of the mode of economic development. In five years's time, Guangdong has regained first place in both the amount of foreign capital actually utilized and the total export volume of general trade. The number of small-and medium-sized growth-oriented enterprises topping the honors list has been the largest for five consecutive years, with other provinces trailing well behind, indicating a more balanced and coordinated economic development for both provincial and external businesses in Guangdong. Guangdong ranks first across five different areas in the national professional technical training. Guangdong has the most patent applications for inventions and innovations. Guangdong also boasts three out of the seven world-famous Chinese brands, demonstrating its leadership role in vigorous innovation capacity, science and education. In 2006, the added value in both its industrial and service sectors exceeded one trillion RMB, making Guangdong the first province to have more than one trillion RMB added value in the services sector. Guangdong's industrial structure clearly demonsterates constant upgrade and optimization.

The transformation of the mode of economic development in Guangdong is also represented by several new turning points in economic indices which Guangdong has been achieving in the past five years. As its first turning point, to list just a few, Guangdong is the leading province in China in the reduction of emission of two major pollutants, a landmark achievement in environmental protection. The rate of economic development has for the first time overtaken the rate of land consumption, which is seen as a major positve turn. The regional economy tends to develop in a more coordinated manner, registering yet another welcome turning point.

Facts
Accounting only for 1.85% of China's total land area, Guangdong made up 12.4% of the total national economic output by the end of 2006.

The total fiscal revenue of Guangdong reaches RMB 512.225 billion, about one-eighth of the total national revenue.

The total import and export volume in Guangdong has topped $527.21 billion, about one-third of the national total.

Translation provided by the Guangdong Univeristy of Foreign Studies

Editor: 张莹