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$2.71 trillion respectively, the 10th and 11th largest in the world respectively. [8]
This is a trend of official estimates [9] of the gross domestic product of the province of Guangdong:
Historical GDP of Guangdong Province for 1978 –present (SNA2008) [10] (purchasing power parity of Chinese Yuan, as Int'l.dollar based on IMF WEO April 2020 [11] ) | |||||||||
year | GDP | GDP per capita (GDPpc) based on mid-year population | Reference index | ||||||
GDP in millions | real growth (%) | GDPpc | exchange rate 1 foreign currency to CNY | ||||||
CNY | USD | PPP (Int'l$.) | 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]
Guangdong, previously romanized as Kwangtung or Canton, is a coastal province in South China, on the north shore of the South China Sea. The provincial capital is Guangzhou. With a population of 126.84 million across a total area of about 179,800 km2 (69,400 sq mi), Guangdong is China's most populous province and its 15th-largest by area, as well as the third-most populous country subdivision in the world.
Hubei is an inland province located in Central China. It has the seventh-largest economy among Chinese provinces, the second-largest within Central China, and the third-largest among inland provinces. Its provincial capital at Wuhan serves as a major political, cultural, and economic hub for the region.
Shandong is a coastal province in East China. Shandong has played a major role in Chinese history since the beginning of Chinese civilization along the lower reaches of the Yellow River. It has served as a pivotal cultural and religious center for Taoism, Chinese Buddhism and Confucianism. Shandong's Mount Tai is the most revered mountain of Taoism and a site with one of the longest histories of continuous religious worship in the world. The Buddhist temples in the mountains south of the provincial capital of Jinan were once among the foremost Buddhist sites in China. The city of Qufu was the birthplace of Confucius, and later became the center of Confucianism.
Anhui is an inland province located in East China. Its provincial capital and largest city is Hefei. The province is located across the basins of the Yangtze and Huai rivers, bordering Jiangsu and Zhejiang to the east, Jiangxi to the south, Hubei and Henan to the west, and Shandong to the north. With a population of 61 million, Anhui is the 9th most populous province in China. It is the 22nd largest Chinese province based on area, and the 12th most densely-populated region of all 34 Chinese provincial regions. Anhui's population is mostly composed of Han Chinese. Languages spoken within the province include Lower Yangtze Mandarin, Wu, Hui, Gan and small portion of Central Plains Mandarin.
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