Guangzhou's 2010 GDP surged by 100 billion RMB or 12.5 percent to hit a trillion RMB, becoming the third Chinese city after Beijing and Shanghai to register annual GDP of a trillion RMB.
"Guangzhou has fulfilled all major tasks set in the 11th Five-Year Plan," proclaimed 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 rose by 100 billion RMB a year to reach 1 trillion RMB in the final year of the term of the 11th Five-Year Plan.
Mr. Wu also stated that a modern industrial framework is largely in place in Guangzhou, and that an industrial structure with the service industry as the center has basically been established. Through continuous optimization and upgrading of the industrial structure, Guangzhou will speed up the shift of the focus of its economic development to the tertiary sector and the city's economy will become increasingly service-oriented.
The primary, secondary and tertiary sectors in Guangzhou 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.
In the first 11 months of last year, Guangzhou's service industry surged by an estimated 12.6 percent, accounting for 60 percent of the city's GDP, and contributing 7.5 percentage points to the city's economic growth rate; it provided 56.1 percent of jobs in the city, higher than the target set in the 11th Five-Year Plan.
In the years ahead, Guangzhou will strive to consolidate its status as a central city of the nation. In addition to transformation, optimization and upgrading, the city will 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 boosted.
Mr. Wu said that Guangzhou will continue to spearhead institutional innovation, enhance its policy system, and build mechanisms and systems to facilitate the development of the industries and the transformation of the means of economic growth.
(Translated by Guangzhou Association of Foreign Affairs Translators)
