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S. China’s Guangdong Marks Milestone as GDP Exceeds 12T Yuan
By GT staff reporters Published: Jan 20, 2022 09:47 PM
Aerial photo taken on Dec. 19, 2021 shows Sanfengli interchanges of Guanglian Expressway over the Shanzhan Expressway in Qingcheng District of Qingyuan, south China's Guangdong Province.
Photo: Xinhua
South China's Guangdong Province, a major economic powerhouse in the country, has reached a new milestone, as its GDP reached 12.4 trillion yuan ($1.95 trillion) in 2021, making it the first Chinese provincial-level economy to hit the 12 trillion-yuan mark, according to official data on Thursday.
The number also carries global significance, as Guangdong's GDP is now larger than that of 90 percent of the countries around the world, including Spain and Australia, and it is equivalent to that of Canada and Russia, according to some media reports.
In 2021, Guangdong's economy grew by 8 percent, its acting governor Wang Weizhong said on Thursday.
The growth rate is slightly lower than the 8.1 percent level for the whole Chinese economy in 2021, underscoring the challenges for the major manufacturing, export and economic powerhouse, including sporadic COVID-19 outbreaks and power shortages.
Despite the challenges, Guangdong performed well in its major growth drivers, including trade. The province's foreign trade surpassed 8 trillion yuan in 2021, a year-on-year increase of 16.7 percent, according to the Xinhua News Agency.
The stellar performances underlined the resilience of Guangdong's economy and industries under the impact of the COVID-19 pandemic and crackdown by the US-led West, Li Youhuan, a senior economist at the Guangdong Academy of Social Sciences, told the Global Times on Thursday, noting that the quality of Guangdong's economy is also improving rapidly.
"In other words, the performance of Guangdong's economy is not just about quantity but also quality," Li said, pointing to the increasingly optimized industrial structure and rapid development of the high-tech and information technology sectors.
Guangdong, a manufacturing heartland and leading foreign trade player in the country, has strengthened its strategy of science and technology and reinforced the foundations of high-quality economic development, Xinhua reported, citing the government work report delivered by Wang.
Also within Guangdong, Dongguan has become the fourth city in the province to report a GDP exceeding 1 trillion yuan, following the provincial capital of Guangzhou, and the cities of Shenzhen and Foshan, according to the report.
The milestone achieved by Guangdong also apparently cheered many across the country, as the topic of Guangdong's GDP surpassing 12 trillion yuan was one of the most viewed on some social media platforms, with over 5 million views as of press time on Thursday.
There was also plenty to cheer to as more Chinese localities reported solid economic performances for 2021. The GDP of Central China's Hubei Province, the first Chinese province hit by the COVID-19 epidemic, grew 12.9 percent in 2021, exceeding 5 trillion yuan for the first time and ranking seventh place in the country's provincial GDP rankings, official data showed on Thursday.
However, in line with growing downward pressure on the national economy, local officials are also setting relatively lower GDP growth targets for 2022. For example, Hubei has set its GDP goal for 2022 at about 7 percent, while Guangdong is aiming for an economic growth of about 5.5 percent this year.
Despite the mounting challenges, Guangdong's economy is still poised to grow further, according to Li. "Guangdong's rising momentum continues," he said.
https://www.globaltimes.cn/page/202201/1246522.shtml
This is Crazy, that's much Bigger than entire Economy of Brazil, Australia, Russia, South Korea. Equivalent of entire Canada and Italy
By GT staff reporters Published: Jan 20, 2022 09:47 PM
Aerial photo taken on Dec. 19, 2021 shows Sanfengli interchanges of Guanglian Expressway over the Shanzhan Expressway in Qingcheng District of Qingyuan, south China's Guangdong Province.
Photo: Xinhua
South China's Guangdong Province, a major economic powerhouse in the country, has reached a new milestone, as its GDP reached 12.4 trillion yuan ($1.95 trillion) in 2021, making it the first Chinese provincial-level economy to hit the 12 trillion-yuan mark, according to official data on Thursday.
The number also carries global significance, as Guangdong's GDP is now larger than that of 90 percent of the countries around the world, including Spain and Australia, and it is equivalent to that of Canada and Russia, according to some media reports.
In 2021, Guangdong's economy grew by 8 percent, its acting governor Wang Weizhong said on Thursday.
The growth rate is slightly lower than the 8.1 percent level for the whole Chinese economy in 2021, underscoring the challenges for the major manufacturing, export and economic powerhouse, including sporadic COVID-19 outbreaks and power shortages.
Despite the challenges, Guangdong performed well in its major growth drivers, including trade. The province's foreign trade surpassed 8 trillion yuan in 2021, a year-on-year increase of 16.7 percent, according to the Xinhua News Agency.
The stellar performances underlined the resilience of Guangdong's economy and industries under the impact of the COVID-19 pandemic and crackdown by the US-led West, Li Youhuan, a senior economist at the Guangdong Academy of Social Sciences, told the Global Times on Thursday, noting that the quality of Guangdong's economy is also improving rapidly.
"In other words, the performance of Guangdong's economy is not just about quantity but also quality," Li said, pointing to the increasingly optimized industrial structure and rapid development of the high-tech and information technology sectors.
Guangdong, a manufacturing heartland and leading foreign trade player in the country, has strengthened its strategy of science and technology and reinforced the foundations of high-quality economic development, Xinhua reported, citing the government work report delivered by Wang.
Also within Guangdong, Dongguan has become the fourth city in the province to report a GDP exceeding 1 trillion yuan, following the provincial capital of Guangzhou, and the cities of Shenzhen and Foshan, according to the report.
The milestone achieved by Guangdong also apparently cheered many across the country, as the topic of Guangdong's GDP surpassing 12 trillion yuan was one of the most viewed on some social media platforms, with over 5 million views as of press time on Thursday.
There was also plenty to cheer to as more Chinese localities reported solid economic performances for 2021. The GDP of Central China's Hubei Province, the first Chinese province hit by the COVID-19 epidemic, grew 12.9 percent in 2021, exceeding 5 trillion yuan for the first time and ranking seventh place in the country's provincial GDP rankings, official data showed on Thursday.
However, in line with growing downward pressure on the national economy, local officials are also setting relatively lower GDP growth targets for 2022. For example, Hubei has set its GDP goal for 2022 at about 7 percent, while Guangdong is aiming for an economic growth of about 5.5 percent this year.
Despite the mounting challenges, Guangdong's economy is still poised to grow further, according to Li. "Guangdong's rising momentum continues," he said.
https://www.globaltimes.cn/page/202201/1246522.shtml
This is Crazy, that's much Bigger than entire Economy of Brazil, Australia, Russia, South Korea. Equivalent of entire Canada and Italy
With current trend, soon Guangdong Province would surpass the size of entire Japan/Germany economy in the next decade
Bad4ss
