![Guangdong is targeting economic growth of more than 6 percent for 2021 [CFP]](https://i0.wp.com/usachinatrading.com/wp-content/uploads/2021/01/Guangdong-is-targeting-economic-growth-of-more-than-6-percent-for-2021-CFP.jpg?resize=525%2C295&ssl=1)
South China’s Guangdong Province’s economic output may have surpassed that of South Korea – Asia’s fourth largest economy – in 2020. Guangdong’s GDP ticked up 2.3 percent to cross the 11-trillion-yuan ($1.7 trillion) threshold in 2020, its governor Ma Xingrui said on January 24.
While according to a forecast, South Korea was tipped to see its GDP shed 1.8 percent to $1.54 trillion for 2020, occupying the 9th spot in the world, according to the Organization for Economic Cooperation and Development last August. It was also reported Tuesday that South Korea’s economy contracted 1 percent in 2020 from a year earlier, according to the Bank of Korea, posting the first contraction in 22 years owing to the onset of the COVID-19 pandemic. Guangdong’s GDP is also likely to be higher than that of Australia, the Netherlands, Russia and Spain, to name a few, which came in at $1.39 trillion, $0.91 trillion, $1.69 trillion and $1.39 trillion, respectively. The province similarly outshone all other provinces in China for the 32nd year running. Never before in history has the manufacturing hub that leads foreign trade in the country pocketed such star-spangled economic performance as it is today. It is also the only Chinese province with an economic output exceeding the 11-trillion-yuan mark.
Guangdong’s foreign trade to the tune of 7.08 trillion yuan last year took the crown in the country by constituting 22 percent of the world’s second largest economy’s total trade. Exports climbed by 0.2 percent to remain on the growth track for 4 consecutive years, local customs data showed. Guangdong is targeting economic growth of more than 6 percent for 2021 as a whole new ball game kicks off. As a whole, China reported a GDP uptrend of 6.5 percent in the fourth quarter of 2020, bringing the country’s full-year expansion to 2.3 percent. Its full-year GDP exceeded 100 trillion yuan ($15.45 trillion) for the first time, China’s National Bureau of Statistics said. As the onset of COVID-19 sent the global economy into one of its worst recessions ever, China is likely to be the only major economy with positive growth in 2020, according to the IMF.
More China News:
China New Land Of Opportunities
China, US need dialogue, not confrontation: Chinese ambassador
Guangzhou expects far fewer railway trips before holiday
Strict control measures for rail passengers