Guangzhou's 2010 GDP surged by 100 billion RMB or 12.5 percent to reach one trillion RMB, becoming the third Chinese city after Beijing and Shanghai to register an annual GDP of one trillion RMB.
"Guangzhou has fulfilled all major tasks set in the 11th Five-Year Plan," said Guangzhou Executive Vice Mayor Wu Yimin on January 5 during a briefing for Guangzhou's deputies to the Provincial People's Congress. Guangzhou's annual GDP broke the 500-billion-RMB mark during the term of the 10th Five-Year Plan and increased by 100 billion RMB a year to reach 1 trillion RMB in the final year of the term of the 11th Five-Year Plan.
Wu also stated that Guangzhou's modern industrial framework is now in place and that an industrial structure with the service industry as its center has been established. Through continuous optimization and upgrading of the industrial structure, Guangzhou will accelerate the shift of the focus of its economic development to the tertiary sector and the city's economy will become increasingly service-oriented.
Guangzhou's primary, secondary and tertiary sectors now account for 2.5 percent, 39.7 percent and 57.8 percent of the city's economy, respectively, compared with 1.9 percent, 37.2 percent and 60.9 percent at the end of the term of the 10th Five-Year Plan.
Guangzhou's service industry last year grew 12.6 percent, accounting for 60 percent of the city's GDP, contributing 7.5 percentage points to the city's economic growth rate. It also provided 56.1 percent of jobs in the city, higher than the target set in the 11th Five-Year Plan.
Guangzhou officials plan to devote greater resources to the development of industrial clusters and concentrated regional development, science and education, innovation, and low-carbon eco-friendly growth. The city's policy support and mechanism assurance will also be improved.
Wu added that Guangzhou will continue to spearhead institutional innovation, enhance its policy system and build mechanisms and systems to facilitate the development of its industries.
