Guangdong's great leap: GDP to surpass Taiwan
Updated: 2007-12-01 06:52
By Liang Qiwen(HK Edition)
|
|||||||
GUANGZHOU: The GDP of South China's Guangdong Province will surpass Taiwan's by the end of this year, the provincial governor, Huang Huahua said earlier this month.
He was speaking at a press conference for the International Consultation Conference on Guangdong Economic Development (2007).
Last year, Taiwan's GDP was US$361.3 billion and Guangdong's US$328.8 billion, Huang said.
From January to October this year, however, Guangdong's GDP increased at a rate of 14.7 percent. Guangdong's yearly GDP is expected to hit US$390 billion.
The average rate of increase for Taiwan's GDP will be about 4 to 5 percent this year. Its yearly GDP will not exceed US$379.3 billion, Huang added.
Hong Kong, Taiwan, Singapore and the Republic of Korea are known as Asia's Four Little Dragons. These countries and regions are known for maintaining high growth rates and rapid industrialization.
However, Guangdong's economic development has been more rapid than that of the dragons.
Guangdong's GDP surpassed Singapore's in 1998 and Hong Kong's in 2003.
Guangdong's current growth rate is even higher than the four little dragons' growth rate during their "golden period" (1964-1973).
However, Guangdong started its golden period two decades ago, and it is still continuing. This means Guangdong's development has had greater sustainability than that of the four dragons.
"Guangdong's economic development is a reflection of the whole country's development," Huang said.
(HK Edition 12/01/2007 page3)