Guangdong's economy grew 10.6 percent to reach 414 billion yuan (US$49.88 billion) in the first five months this year, reports Guangzhou-based Southern Metropolis News.
And Xie Pengfei, director of Development and Research Center of Guangdong Province, believes Guangdong will soon outstrip Southeast Asian nations and regions with a more-than-9-per-cent annual growth rate.
Xie attributes the strong GDP to expansion of fixed-asset investment, increasing exports and robust domestic demand.
Guangdong's fixed-asset investment reached 108 billion yuan (US$13 billion) between January and May, up 14.9 percent from the same period last year. Exports amounted to US$42.27 billion, an increase of 20.3 percent.
The province's retail volume also surged 104.4 percent to stand at 199.6 billion yuan (US$24 billion) in the first five months.
(People's Daily June 20, 2002)
