2nd LD: Economic powerhouse Guangdong reports 6.3 pct GDP growth in 2019

0 Comment(s)Print E-mail Xinhua, January 14, 2020
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GUANGZHOU, Jan. 14 (Xinhua) -- South China's Guangdong Province, one of the country's economic powerhouses, estimated its GDP rose around 6.3 percent to surpass 10.5 trillion yuan (around 1.52 trillion U.S. dollars) in 2019.

Ma Xingrui, governor of the province, made the announcement Tuesday when delivering a government work report at the opening of the annual provincial legislative session.

Facing external uncertainties in 2019, Guangdong, a leading foreign trade player in the country, saw its imports and exports reach 7.14 trillion yuan, down 0.3 percent year on year, according to the report.

The province has adhered to steady growth and adopted response measures timely amid concerns about domestic mounting downward pressure, according to Ma.

It unveiled 32 measures to boost the high-quality development of foreign trade and explore international markets. Guangdong's trade volume with the European Union and ASEAN is expected to rise 10.7 percent and 4.9 percent, respectively.

It also accelerated the development of new forms of foreign trade. The cross-border e-commerce trade in Guangdong saw a year-on-year increase of 36.9 percent and a second-hand car export pilot was also launched in 2019.

Guangdong's actual use of foreign capital rose 3.5 percent to reach 150 billion yuan in 2019.

The per capita disposable income in the province saw an increase of 8.6 percent to 38,900 yuan last year. Guangdong also announced its 2020 growth target at around 6 percent.

The growth rate of 6.3 percent in 2019 was not slow and its GDP surpassing 10.5 trillion yuan will help shore up confidence, said Yin Tao, deputy director of the Guangzhou Academy of Social Sciences.

Yin attributed the sustained economic increase to the province's huge investment in independent innovation, the booming economy of the two major cities of Guangzhou and Shenzhen, and successful industry transformation and upgrading in recent years.

It is estimated that its investment in research and development would surpass 280 billion yuan in 2019, accounting for 2.8 percent of the province's GDP. Enditem

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