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Guangdong economy expected to maintain stable, fast growth
Latest Updated at 2008-July-31 16:06:19

In the first half of 2008, Guangdong booked a GDP of 1601.8 billion RMB, up 10.7 percent, slightly higher than the country鈥檚 10.4 percent. As for the second half year, the province determined to boost stable and comparatively rapid economic development.

鈥淥verall economic development in Guangdong is no less than what is being seen across the country鈥 said Wen Jiabao, during his Guangdong inspection tour in mid July. Wen noted that overseas market demand has shrunk due to the slowdown of the world economy, and this has put pressure on small and medium-sized enterprises along the Pearl River Delta. Wen stressed that the fundamental way to solve these problems is to enhance the opening up policy with a focus on international competition and to boost scientific development.

During his tour, Premier Wen Jiabao inspected some enterprises in Guangzhou, Dongguan and Shenzhen. Wen Jiabao asked companies in Guangdong to optimize industrial structures to make the province one of the world's leading manufacturing centers and the regional center of the modern service industry.

On July 24, Guangdong provincial government held a meeting on reviewing the overall economic performance in the first half year and making work plan for the coming six months.

The officials said the 10.4 percent GDP growth in the first half year was the result of the province鈥檚 鈥渆mancipating the minds鈥 campaign and its new policies, including the 鈥渋ndustry and labor transfer鈥 and modern industry development.

In the first six months this year, the province鈥檚 agriculture sector yielded a value added of 80.9 billion RMB, up 2.6 percent despite the snow havoc in the spring. The manufacturing sector also saw steady growth. The large scale industries saw an 13.7 value added increase to hit 703.1 billion RMB, with high tech manufacturing up 15.9 percent and contributing 137.5 billion RMB. The fixed asset investment and the commodity retail sales went up 18 percent and 19.1 percent respectively, strongly boosting the GDP growth. The import and export trade booked a gross value of 324.5 billion USD, up 13.4 percent compared with last year, and the trade structure was further optimized. Actual used foreign direct investment climbed 20.7 percent to 9.8 billion USD. The east and north Guangdong cities outdid the province鈥檚 average growth of industry, investment, consumption, and FDI attraction. Moreover, the local financial revenue expanded by 5.6 percent and the public service sectors were further developed.

Guangdong鈥檚 economic development in the first half year is in line with the expectation. However, Guangdong鈥檚 industrial output growth pace has slowed down compared with last year because of the challenges from the slow down of exportation growth, local SMEs鈥 increased pressure in operation, energy shortage, inflations, more difficulties in boosting agriculture output increase and rural residents鈥 income increase, and higher energy saving and emission deduction target.

Governor Huang Huahua pointed out that the province is facing scores of challenges currently, however, the country鈥檚 overall development, the abundant capital inflow and labor resource, the vase and fast expanding domestic market, the maturing enterprises and the central government鈥檚 macroeconomic control had brought many new chances for the province.

Huang added further cooperation with Hong Kong and Macao also help the province to maintain a steady and comparatively fast development.

Huang stressed that the province should strike balances between economic development and CPI control, between short-term development and long-term strategy, between GDP growth and development mode switch, between domestic market and oversea market strategies, between overall development and development of its regions, between development and reform. He called on the provincial officials to continue economic mode switch, further reforms and opening up and improve social service with an aim to maintain social harmony and stability.

As for the work plan for the second half year, Huang noted that the province should make effort to maintain stable and comparatively fast social and economic development and continue Sichuan quake area relief and reconstruction. At the top of the province鈥檚 work list are:

1.Enhance the macroeconomic management to strike a stable growth

2.Boost steady import and export growth by adopting new foreign trade mode

3.Implementing its 鈥淒ouble Transfer鈥 policy to better the allocation of labor and capital resource in the province

4.Optimize its industrial structure and speed up its modern industry system establishment

5.Improving its innovation power

6.Further its energy saving and emission control effort

7.Enhance its effort in rural area development and disaster prevention and relief

8.Support the enterprises to tackle their difficulties and challenges.

Editor: Yan

By: Source:
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