In 2014, Guangzhou realized a local GDP of RMB1.67 trillion, up 8.6%. Under the "new normal" circumstance with great pressure from downturn of economic growth, Guangzhou has set the target to realize an economic growth of 8% in 2015. This target will be realized mainly relying on three new growth poles, namely the Nansha Free Trade Pilot Zone, the Sino-Singapore Guangzhou Knowledge City in Huangpu District and the Zengcheng Economic & Technological Development District, as mentioned at the Sixth Plenary Session of the 10^th CPC Guangzhou Committee held recently in Guangzhou.

 

In accordance with the introduction of Chen Jianhua, Mayor of Guangzhou, in 2014, Guangzhou topped Forbes China's list of Best Cities For Business in the Chinese mainland for the fourth time. The local GDP reached RMB1.67 trillion, up 8.6%; local general public budget revenue reached RMB124.153 billion, up 12.9% on comparable basis; the total retail sales of consumer goods reached RMB769.785 billion, up 12.5%; total merchandise exports and imports reached USD130.6 billion, up 9.8%; foreign investment in actual use reached USD5.107 billion, up 6.3%;  investment in foreign country reached USD3.1 billion, up 70.7%; increase of disposable income of urban and rural residents basically coincided with the GDP growth. At the same time, Guangzhou saw a low debt ratio, with debt reduced by 26.7% in 2014. In terms of financial transparency, Guangzhou ranks first nationwide.

 

Under the "new normal" circumstance with great pressure from downturn of economic growth, Guangzhou has set the target to realize an economic growth of 8% in 2015. Chen said that restructuring will be made and new driving forces will be found in 2015 to promote balanced function of the three driving forces. For example, to give full play to the driving power of investment, 156 major projects will be arranged with a total investment of RMB118 billion, covering a wide range of fields including transportation, energy sources, environmental protection, science and technology, education, culture, health, advanced manufacturing and high-end services.

 

In addition, Guangzhou will target at three economic growth poles, including the Nansha Free Trade Pilot Zone, the Sino-Singapore Guangzhou Knowledge City in Huangpu District and the Zengcheng Economic & Technological Development District, to realize the goal for economic growth. It will give full play to the advantages of Nansha District as the free trade pilot zone and national-level new district to build international shipping and logistics center, accelerate innovation of investment, trade, financial and supervision systems and establish basic institutional frameworks that meet with general international rules on investment and trade. It will build Huangpu District into a highland of knowledge-intensive industries. Great efforts will be made to develop e-business, smart equipment and port and shipping service industries. It will spare no efforts to develop knowledge-based economy and  establish a hub of intellectual property and a highland of knowledge-intensive industries. The Zengcheng Economic & Technological Development District will focus on the development of emerging industries, such as the electronic, environmental protection and medicine industries, and introduction of a number of competitive leading enterprises in these fields.

Source: www.xinhuanet.com, February 4, 2015