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Record economic growth for Guangzhou (11/14/03)

The economy of Guangzhou City, one of the most important gates to the outside in south China, has been growing at an eight-year record high speed.

While addressing the People's Congress of Guangzhou City, also capital of Guangdong Province, on Nov.14, Mayor Zhang Guangning told about the city's painstaking efforts to improve the economic structure since the beginning of the year.

    The city scored 274.13 billion yuan (about 33.03 billion US dollars) in gross domestic product (GDP) from January to October, up 14.9 percent from the same period last year. The growth rate was 1.9 percentage points more than that for the same period last year.

    The industrial sector played the most important role in propelling the city's economic development at a high speed, said Zhang.

    The city accomplished 107.87 billion yuan (about 13 billion US dollars) in industrial added value in the first 10 months of the year, and newly added industrial output value for the this year is expected to reach 90 billion yuan (some 10.84 billion US dollars),far exceeding the preset goal of 60 billion yuan (about 7.23 billion US dollars).

    Guangdong Province is one of China's economic powerhouses, and its capital, Guangzhou, has become one of the country's leading bases for production of motor vehicles and related materials, ship-building and petrochemical industrial production.


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