Guangzhou's per capita gross domestic product (GDP) is expected
to exceed US$10,000 in 2006, according to local authorities.
With seven million registered residents, Guangzhou, capital of
China's richest province, Guangdong, will see its GDP reach 623.6
billion yuan (about US$80 billion) in 2006, 14.4 percent higher
than 2005, said city mayor Zhang Guangning in a draft report on the
city government's performance and work.
"The breakthrough in GDP per capita indicates that Guangzhou has
become China's first developed city by World Bank standards," said
Peng Peng, a researcher with the Guangzhou Academy of Social
Sciences.
Guangzhou's per capita GDP exceeded US$8,500 in 2005, with the
Engel coefficient -- measuring the proportion of income that is
spent on food -- down to 38 percent.
Statistics show that the economic growth is mainly driven by the
automobile, petrochemical, electronics and communications equipment
industries.
However, the city has decided to hold steady at 12 percent in
growth as the national focus shifts from a headlong hurtle towards
GDP expansion to a more measured approach of achieving balanced,
sustainable development, Zhang said.
"The move matches the provincial target to lower the GDP growth
rate to nine percent amid efforts to optimize economic structures
and deepen reforms. By slowing growth, we aim to achieve a balance
between economic development, environmental protection and the use
of resources," said Huang Huahua, governor of Guangdong.
(Xinhua News Agency January 4, 2007)