South China's booming Guangdong Province saw its economy grow 9.5 percent in 2009, one percentage point higher than the government target, said Guangdong Governor Huang Hua Hua on January 6.
The upbeat economic data came on the heels of a massive economic stimulus package and huge increases in bank loans aimed at reviving the local economy amid the global financial crisis. The gross domestic product (GDP) rose to 3.776 trillion RMB (553 billion USD) last year, according to Huang.
Last year, the province invested 330 billion RMB (48.3 billion U.S. dollars) in 10 projects that cost a total of 2.3 trillion RMB.
Guangdong's economy expanded 5.8 percent year on year in the first quarter of 2009, lower than the 6.1 percent nationwide, as the financial crisis took a heavy toll on the province. But economic growth accelerated 8.6 percent in the first three quarters of 2009, 0.9 percentage points higher than the national average.
Despite impressive statistics, Guangdong’s economic recovery is still not firm, Governor Huang said. The economy still faces severe challenges in boosting consumer spending. Huang added that the government will soon unveil new measures to spur domestic demand and remove barriers to boost private investment this year.