In the first four months of this year, Guangzhou's GDP grew by 13.6% and its general budgetary financial revenues surged by 33.8%, with major indicators of production, consumption, investment and exports reaching or exceeding the levels before the international financial crisis. The industrial output of the city's above-scale enterprises, fixed asset investment, retails and exports rose by 25%, 41.5%, 16.3%, and 32.8%, respectively.
At a briefing on the city's socio-economic development on June 1, Guangzhou party secretary Zhang Guangning proclaimed that the city's economy has largely shaken off the impact of the global financial meltdown and is back on track.
In the first quarter of this year, per capita disposable income of the city's urban residents grew by 10.4% to RMB 8,915, and per capital cash income of rural residents increased by 12.2% to RMB 4,568. In the first four months, retails leapt by 28.1% to RMB 536.912 billion. The city will inject RMB 77.55 billion into 89 major projects, which are expected to generate nearly RMB 300 billion in fixed asset investment.
While promoting growth, Guangzhou will also set out to build itself into a national city of innovation, establish a modern industrial system, and speed up the upgrading and transformation of its existing industrial structure. Mr. Zhang also stated that the city's R&D spending will be increased to 2.4% of its GDP, and that RMB 312 million will be allocated from the city coffers to support the growth of the electronic information, biology, software and animation industries. |
