Since the 16th Party Congress, Guangdong's economy has been developing at an increasingly coordinated pace. Viewed from a predominantly outward-oriented economy which features the overwhelming lead by the Pearl River Delta region and the rest of the province seemingly lagging behind, Guangdong has achieved a more balanced development pattern with both outward and inward economic orientations quickly forming side by side, the Pearl River Delta region playing its leading role and the rest of the province going all out to catch up.

With the reform and opening up, Guangdong's economic take-off was realized through the development of an outward-oriented economy. Before the arrival of the 21st century, the inward-oriented economy, especially the private sector, was outperformed by the outward-oriented economy. In 2002, the newly elected Provincial Communist Party Committee and the Provincial government formulated a strategic plan to greatly promote the development of the inward-oriented economy while further promoting the development of the outward-oriented economy, helping to form a new pattern of coordinated development with the outward-oriented and inward-oriented economies boosting each other.

Since its implementation 5 years ago, the strategy of promoting both the outward-oriented and inward-oriented economies has proved fruitful. From 2002 to 2006, the total volume of Guangdong's foreign export continued to rise. In 2006, the province exported more than 500 billion US dollars worth of goods, ranking it first in the country for 21 years in a row. This export volume equals China's total import and export volume in 2001 and approaches the export volume of South Korea, the world's 12th exporter in 2005.

In the first half of 2007, Guangdong achieved a total volume of 285.79 billion US dollars in foreign trade, an increase of 22.7% compared to the same period of last year. In the same year, Guangdong realized for the first time an export of 80 billion US dollars worth of goods in conventional trade, surpassing Zhejiang Province and regaining its first place status with respect to conventional trade.

Thus, Guangdong continues to have its export structure further optimized. During the same time, the inward-oriented economy, especially the private sector, has made tremendous progress. Thus a mainstay is in the making of the province's economic development.

In 2006, the Economic Value Added to the private sector represents 40% of the Guangdong's GDP while state-owned enterprises and state-controlled businesses saw their profits increased by 1.1 times over a period of 5 years. Boosting each other, the outward-oriented and inward-oriented economies have both become part of a powerful driving force behind Guangdong's sustained economic development.

Through the implementation of the strategy of coordinated development for different regions, the imbalance pattern of regional economic development which had long plagued the province has been eased. In 2004, the total GDP increase in the 5 mountain cities of Heyuan, Qingyuan, Yunfu, Shaoguan and Meizhou surpassed for the first time the province's average level.

In 2005, the total industrial output value for 51 mountain counties and districts exceeded the provincial average level as well as that of the Pearl River Delta region. In 2006, the major economic indexes for the mountain areas of Northern Guangdong and the province's east and west areas such as industrial increase value of industrial enterprises above designated size, the total retail sales of consumer goods, and the budgetary financial revenue have all surpassed the provincial average. The scale of investment and consumption increases in rural areas surpassed for the first time that of the urban areas.

In the past 5 years, while the Pearl River Delta region continued to take the lead, the north of Guangdong has been developing into a hot area for investment, the west of the province is taking off and the east is in the ascendant. An affluent, harmonious brand new Guangdong is emerging, developing in a coordinated fashion.

The outward-oriented and inward-oriented economies are developing side by side. The widening gap between the rural and urban areas in development and increasing regional differences have been brought under control. While maintaining its accelerated pace and leading position, Guangdong is developing its economy in a more coordinated way.

Facts

In 2006, the province exported more 500 billion US dollars worth of goods, ranking it first in the country for 21 years in a row.

The state-owned assets totaled 1,305.2 billion yuan, assuring its first place status in the country. The private sector realized a value added of 1,039.6 billion yuan, viz., an increase of 97.4% over the year 2002.

In 2006, the industrial increase value of industrial enterprises above designated size, the total investment and the budgetary financial revenue for the 5 mountain cities increased by 33.1%, 27.8% and 27.8%, respectively, surpassing the provincial averages of 14.8%, 11.1% and 7.3%, respectively.

Editor: 张莹