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Economy of Guangdong

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Guangzhou is the capital of the province of Guangdong.
Shenzhen is one of the Special economic zones of China.

The economy of Guangdong is one of the most prosperous in China. Guangdong is located in southern China, bordering on Fujian Province to the east, Hunan Province to the north, Guangxi Autonomous Region to the west and the special administrative regions of Hong Kong and Macau to the south. It is also the largest economy of a sub-national entity in terms of GDP (almost US$2.0 trillion[1] as of 2021) in all of Asia and 3rd largest sub-national entity in the world.

In 2021, the gross regional product (GRP) is about $1.95 trillion,[2] with its per capita GDP of 98,700 RMB ($15,570 in nominal and $ 23,598 in PPP).[3] Guangdong has been the largest province by GDP since 1989 in Mainland China.[4] In 2021, Guangdong's GDP was slightly larger than South Korea, the world's tenth largest economy.[5] Guangdong's GDP by nominal is greater than the GDPs of all other BRICS states, except India.[6]

By Purchasing power parity (PPP) term, as of 2021, Guangdong's economy has a gross regional product (GRP) of $2.98 trillion,[7] ranking between the United Kingdom and Italy with a GDP of $3.34 trillion and US$ $2.71 trillion respectively, the 10th and 11th largest in the world respectively.[8]

Overview

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This is a trend of official estimates[9] of the gross domestic product of the Province of Guangdong:

Historical GDP of Guangdong Province for 1978 –present (SNA2008)[10]
(purchasing power parity of Chinese Yuan, as Int'l.dollar based on IMF WEO April 2020[11])
year GDP GDP per capita (GDPpc)
 based on mid-year population 		Reference index
GDP in millions real
growth
(%) 		GDPpc exchange rate
1 foreign currency to CNY
CNY USD PPP
(Int'l$.) 		CNY USD PPP
(Int'l$.) 		USD 1 Int'l$. 1
(PPP)
2019 10,767,110 1,560,790 3,078,960 6.3 94,172 13,651 26,929 6.8985 3.497
2018 9,994,520 1,510,340 2,856,390 6.8 88,781 13,416 25,373 6.6174 3.499
2016 8,085,491 1,217,273 2,306,121 7.5 74,016 11,143 21,111 6.6423 3.5061
2015 7,402,743 1,188,546 2,085,809 8.0 68,629 11,019 19,337 6.2284 3.5491
2014 6,890,143 1,121,662 1,940,721 7.8 64,491 10,499 18,165 6.1428 3.5503
2013 6,345,544 1,024,599 1,774,034 8.5 59,756 9,649 16,706 6.1932 3.5769
2012 5,799,354 918,710 1,633,253 8.2 54,973 8,709 15,482 6.3125 3.5508
2011 5,395,920 835,437 1,539,273 10.0 51,523 7,977 14,698 6.4588 3.5055
2010 4,657,712 688,044 1,406,909 12.4 45,284 6,689 13,678 6.7695 3.3106
2009 3,993,713 584,645 1,264,834 9.7 39,890 5,840 12,633 6.8310 3.1575
2008 3,714,244 534,801 1,169,141 10.4 37,992 5,470 11,959 6.9451 3.1769
2007 3,205,379 421,539 1,063,179 14.9 33,562 4,414 11,132 7.6040 3.0149
2006 2,680,032 336,189 931,310 14.8 28,762 3,608 9,995 7.9718 2.8777
2005 2,272,329 277,394 794,799 14.1 24,828 3,031 8,684 8.1917 2.8590
2004 1,900,561 229,625 672,694 14.8 21,032 2,541 7,444 8.2768 2.8253
2003 1,595,925 192,814 587,493 14.8 17,927 2,166 6,599 8.2770 2.7165
2002 1,360,189 164,334 504,765 12.4 15,478 1,870 5,744 8.2770 2.6947
2001 1,212,659 146,509 446,569 10.5 13,952 1,686 5,138 8.2770 2.7155
2000 1,081,021 130,583 397,536 11.5 12,818 1,548 4,714 8.2784 2.7193
1995 594,034 71,133 217,643 15.6 8,139 975 2,982 8.3510 2.7294
1990 155,903 32,594 91,568 11.6 2,484 519 1,459 4.7832 1.7026
1985 57,738 19,662 41,191 18.0 1,026 349 732 2.9366 1.4017
1980 24,965 16,661 16,693 16.6 481 321 322 1.4984 1.4955
1978 18,585 11,039 - 1.0 370 220 - 1.6836 -

After the communist revolution and until the start of the Deng Xiaoping reforms in 1978, Guangdong was an economic backwater, although a large underground, service-based economy has always existed. Economic development policies encouraged industrial development in the interior provinces which were weakly linked to Guangdong via transportation links. The government policy of economic autarky made Guangdong's access to the ocean irrelevant.[citation needed]

Deng Xiaoping's open door policy radically changed the economy of the province as it was able to take advantage of its access to the ocean, proximity to Hong Kong, and historical links to overseas Chinese. Guangdong was one of the first provinces to be authorized by the central government to receive foreign investment.[12]: 148  In addition, until the 1990s when the Chinese taxation system was reformed, the province benefited from the relatively low rate of taxation placed on it by the central government due to its post-Liberation status of being economically backward.[citation needed]

Although Shanghai is often cited as evidence of China's success, Guangdong's economic boom demonstrates that China has become a labor-intensive manufacturing economy. Guangdong's economic boom began with the early 1990s and has since spread to neighboring provinces, and also pulled their populations inward. Guangdong is China's largest exporter, as well as its largest importer of goods.[13] Its extensive manufacturing base is largely privately owned, making it less reliant on fixed asset investments than other provinces in China.[13]

The province is now one of the richest in the nation, with the highest GDP among all the provinces, although wage growth has only recently begun to rise due to a large influx of migrant workers from neighboring provinces. In 2021, Guangdong's per capita GDP was 98,700 RMB ($15,570 in nominal and $ 23,598 in PPP).[3]

Guangdong contributes approximately 9% of the total national economic output.[3] Now, it has three of the six Special Economic Zones: Shenzhen, Shantou and Zhuhai. The affluence of Guangdong, however, remains very much concentrated in a handful of cities near the Pearl River Delta.[13]

Economic and Technological Development Zones

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  • Da Yawan Economic and Technical Development Zone
  • Foshan National New & Hi-Tech Industrial Development Zone (Chinese Version)
  • Futian free-trade zone
  • Guangzhou Development District
  • Guangzhou Export Processing Zone
  • Guangzhou Free Trade Zone
  • Guangzhou Nansha Economic and Technical Development Zone
  • Guangzhou Nanhu Lake Tourist Holiday Resort (Chinese Version)
  • Guangzhou New & Hi-Tech Industrial Development Zone
  • Huizhou Zhongkai National Hi-Tech Industrial Development Zone (Chinese Version)
  • Shantou Free Trade Zone
  • Shatoujiao Free Trade Zone
  • Shenzhen Export Processing Zone
  • Shenzhen Hi-Tech Industrial Park
  • Yantian Port Free Trade Zone
  • Zhanjiang Economic and Technological Development Zone (Chinese Version)
  • Zhuhai National Hi-Tech Industrial Development Zone
  • Zhuhai Free Trade Zone
  • Zhongshan Torch High-tech Industrial Development Zone

References

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  1. ^ "省十三届人大五次会议开幕 李玉妹主持 王伟中作政府工作报告 李希黄楚平王荣等出席 广东省人民政府门户网站". Archived from the original on 2022-12-10. Retrieved 2022-02-06.
  2. ^ "GLOBALink | China's economic powerhouse Guangdong reports robust GDP growth in 2021". english.news.cn. Retrieved 2022-09-14.
  3. ^ a b c "Decoding China's 2021 GDP Growth Rate: A Look at Regional Numbers". China Briefing News. 2022-02-07. Retrieved 2022-09-13.
  4. ^ "省十三届人大五次会议开幕 李玉妹主持 王伟中作政府工作报告 李希黄楚平王荣等出席 广东省人民政府门户网站". www.gd.gov.cn. Retrieved 2022-01-27.
  5. ^ "GDP (current US$) – Korea, Rep. | Data". data.worldbank.org. Retrieved 2022-09-13.
  6. ^ "GDP (current US$) – Russian Federation, Brazil, South Africa, India | Data". data.worldbank.org. Retrieved 2022-09-13.
  7. ^ "Global Wealth PPP Distribution: Who Are The Leaders Of The Global Economy? – Full Size". www.visualcapitalist.com. Retrieved 2022-01-27.
  8. ^ "GDP, PPP (current international $) – United Kingdom, Italy | Data". data.worldbank.org. Retrieved 2022-09-13.
  9. ^ "official estimates". Archived from the original on 2006-06-16. Retrieved 2009-04-03.
  10. ^ China NBS / Bulletin on Reforming Guangdong's GDP Accounting and Data Release System: gdstats.gov.cn (9-Dec-17) Archived 2017-12-22 at the Wayback Machine (Chinese)
  11. ^ Purchasing power parity (PPP) for Chinese yuan is estimate according to IMF WEO (October 2017) data; Exchange rate of CN¥ to US$ is according to State Administration of Foreign Exchange, published on China Statistical Yearbook.
  12. ^ Ang, Yuen Yuen (2016). How China Escaped the Poverty Trap. Cornell University Press. ISBN 978-1-5017-0020-0. JSTOR 10.7591/j.ctt1zgwm1j.
  13. ^ a b c "Guangdong Province: Economic News and Statistics for Guangdong's Economy". Archived from the original on 2012-05-02. Retrieved 2011-11-01.
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