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Guangdong posts 10% GDP growth in 2008

By Zhan Lisheng (China Daily)
Updated: 2009-01-07 11:55

Guangdong will boost domestic demand by increasing investment and consumption, Governor Huang Huahua said Tuesday.

Speaking at a three-day provincial meeting, which ends Wednesday, Huang also said the province will accelerate the establishment of a modern industrial system by promoting industrial adjustment and optimization.

Other measures the province will take to minimize the negative impact of the global financial turmoil include transferring labor-intensive industries from the Pearl River Delta to less developed regions, and encouraging more farmers to work in industry, he said without elaborating.

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Authorities will also provide more support for small- and medium-sized enterprises and boost foreign trade, he said.

The province will redouble efforts to increase rural incomes, speed up economic development in the countryside, and promote green initiatives to protect the environment, he said without giving any details.

Guangdong's GDP was 3.57 trillion yuan ($522 billion) last year, up 10 percent on 2007, while government revenue was 847 billion yuan, up 9.3 percent on 2007, he said.

The total value of imports and exports was $686.2 billion, up 8.2 percent.

The province's investments in fixed assets were worth 1.12 billion yuan last year, up 16.5 percent, Huang said.

Li Qingqing, an associate professor of economics with South China Normal University, said the province's "economic parameters" last year were "outstanding", although growth slowed in many sectors due to the global financial crisis.

"The financial crisis influenced foreign trade, processing industry and tertiary industries," she said.