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Marching towards a domestic demand driven economy
2011-May-26 Source: Newsgd.com
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According to Guangdong’s 12th Five Year Plan, by 2015, the province’s per capita GDP will quadruple that of 2000, its service industry will take up 48 percent of the province’s value added, the urbanization rate will increase to 68 percent and residents will enjoy an annual income increase of eight percent during this period.

To achieve such an ambitious target, Guangdong is aiming at a domestic demand driven economy, which requires the province to channel its residents to a new spending concept. It is estimated that commodity sales will exceed 3.5 trillion RMB by 2015.

Cultivate Rural Market

According to the province’s plan, rural residents will enjoy a high income increase. Logistics systems as well as the commodities available in rural areas will experience a boom. Supermarkets and convenience stores that have not entered the rural market will appear in towns and villages. Banking and postal services in rural areas will be further expanded. Rural residents are expected to spend more on automobiles, accommodation improvement and cultural products.

Diversify Urban Market

Modern business modes will be further developed, such as chain stores and e-businesses. Fresh food treatment and logistics centers will be built near large and mid size cities. Reigning in housing prices will continue to be on the government’s to-do list and the small and middle size city car market is expected to grow. The province will encourage increased expenditures in culture, sports, gyms, leisure and tourism.

Vast Hinterland

More Guangdong goods promotion activities will be held nationwide to increase local enterprises’ shares in the vast China market. A local SME sales and information e-platform and more whole sale centers will be built to attract purchasers from home and abroad.

The government will support the development of local large supermarkets and retail chains and will establish supervision and service mechanisms for domestic market products. The government will also support processing industries to establish their own brands to seek business opportunities in domestic markets.

Shopping Heaven

According to the plan, Guangzhou and Shenzhen will be developed into a “shopping heaven” on the mainland and Pearl River Delta will be a shopping and service center. Laws and regulations will also be improved to protect consumers.

(By Wing)

Editor: Olivia
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