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5 White Paper on the Business Environment in China
3.2 Guangdong Province
Heart of the PRD Furthermore, the provincial government is also taking
steps to advance the nancial industry, setting a goal for this
Guangdong has the largest regional GDP of China’s to be among the province’s “key industries” by 2015. In 2012,
provinces and is the country’s biggest exporter, accounting the province’s Financial Department released its “Overall
for more than one-third of China’s total foreign trade. e Plan of Guangdong Province in Establishing an Integrated
provincial capital, Guangzhou, is the heart of Cantonese Experimental Area for Financial Reform and Innovation.”
culture. Guangdong is also home to three out of four of
China’s original special economic zones - Shenzhen, Zhuhai e Plan suggests that added value in the nancial industry
and Shantou. will account for more than 8 percent of provincial GDP by
2015, and this is further estimated to reach more than 10
In terms of commerce, the cities of Guangdong lead not percent by 2020.
only the PRD but in many cases the country as a whole, with
Guangzhou ranking number one in Forbes China’s “Best Spotlight on Guangzhou’s Changing Identity
Cities for Business 2013”. e city is actively supporting the Traditionally considered only a manufacturing base,
development of micro, small and medium-sized enterprises,
such as via tax incentives introduced in a November 2012 Guangzhou is increasingly being recognized for its growing
circular. amount of domestic consumption. From 2012, total retail
sales in the city increased by 15.2 percent and reached RMB
Economy 688.285 billion. is enabled Guangzhou to take the top
spot on Forbes China’s “Best Cities for Business” in 2013.
Guangdong’s economy is estimated to have grown by 8.5 Growth in retail sales is largely being fueled by Guangzhou’s
percent in 2013 and reached a GDP output of more than large population and high wages, as well as its e cient
US$1 trillion last year according to Xinhua News Agency. infrastructure.
If Guangdong were a separate country, it would rank as the
world’s sixteenth largest economy, behind Mexico and South • Guangzhou is a city of 14 million people and the
Korea, and ahead of Indonesia and Turkey. Guangdong is nation’s third-largest metropolitan economy.
also taking action to shift its focus onto services rather than
manufacturing. With average wages among the highest in the • In 2013, regional GDP totaled RMB1.542 trillion,
country there is a growing potential to reorient the provincial ranking third in the country, trailing Shanghai and
economy toward domestic consumption rather than exports Beijing.
and cheap labor.
• Among the highest in the country, average monthly
e Pearl River Delta contributed 85 percent of wages in Guangzhou grew to RMB 6647 in 2013.
Guangdong’s economic growth in 2013 through the following Guangzhou’s monthly minimum wage rose by 19.2
leading industrial outputs: percent from RMB 1,300 to RMB 1,550 in 2014 –
the second highest in the province behind Shenzhen.
1. Communications equipment, computers and other Meanwhile, the city’s minimum hourly wage
electronic equipment increased from RMB10.5 to RMB15.
2. Electrical machinery & equipment Guangdong’s strength in foreign trade is evident in the
3. Smelting and processing of metals following gures (from Guangdong Statistical Yearbook 2013):
4. Raw chemical materials and chemical products
5. Automobiles • Total exports and imports rose to US$636.4 billion
6. Plastics and US$455.2 billion, respectively, by 10.9 and 11
7. Petroleum refining and nuclear fuel processing percent year-over-year.
8. Garments and footwear
9. General purpose machinery • Although exports had to face a 0.8% decrease in
10. Textiles the rst ten months of 2014, Guangdong – China’s
biggest export region – realized an export value of
238 US& 515.7 billion. From January to October 2014,
imports decreased 7.6% year on year to US% 349.2
billion.
3.2 Guangdong Province
Heart of the PRD Furthermore, the provincial government is also taking
steps to advance the nancial industry, setting a goal for this
Guangdong has the largest regional GDP of China’s to be among the province’s “key industries” by 2015. In 2012,
provinces and is the country’s biggest exporter, accounting the province’s Financial Department released its “Overall
for more than one-third of China’s total foreign trade. e Plan of Guangdong Province in Establishing an Integrated
provincial capital, Guangzhou, is the heart of Cantonese Experimental Area for Financial Reform and Innovation.”
culture. Guangdong is also home to three out of four of
China’s original special economic zones - Shenzhen, Zhuhai e Plan suggests that added value in the nancial industry
and Shantou. will account for more than 8 percent of provincial GDP by
2015, and this is further estimated to reach more than 10
In terms of commerce, the cities of Guangdong lead not percent by 2020.
only the PRD but in many cases the country as a whole, with
Guangzhou ranking number one in Forbes China’s “Best Spotlight on Guangzhou’s Changing Identity
Cities for Business 2013”. e city is actively supporting the Traditionally considered only a manufacturing base,
development of micro, small and medium-sized enterprises,
such as via tax incentives introduced in a November 2012 Guangzhou is increasingly being recognized for its growing
circular. amount of domestic consumption. From 2012, total retail
sales in the city increased by 15.2 percent and reached RMB
Economy 688.285 billion. is enabled Guangzhou to take the top
spot on Forbes China’s “Best Cities for Business” in 2013.
Guangdong’s economy is estimated to have grown by 8.5 Growth in retail sales is largely being fueled by Guangzhou’s
percent in 2013 and reached a GDP output of more than large population and high wages, as well as its e cient
US$1 trillion last year according to Xinhua News Agency. infrastructure.
If Guangdong were a separate country, it would rank as the
world’s sixteenth largest economy, behind Mexico and South • Guangzhou is a city of 14 million people and the
Korea, and ahead of Indonesia and Turkey. Guangdong is nation’s third-largest metropolitan economy.
also taking action to shift its focus onto services rather than
manufacturing. With average wages among the highest in the • In 2013, regional GDP totaled RMB1.542 trillion,
country there is a growing potential to reorient the provincial ranking third in the country, trailing Shanghai and
economy toward domestic consumption rather than exports Beijing.
and cheap labor.
• Among the highest in the country, average monthly
e Pearl River Delta contributed 85 percent of wages in Guangzhou grew to RMB 6647 in 2013.
Guangdong’s economic growth in 2013 through the following Guangzhou’s monthly minimum wage rose by 19.2
leading industrial outputs: percent from RMB 1,300 to RMB 1,550 in 2014 –
the second highest in the province behind Shenzhen.
1. Communications equipment, computers and other Meanwhile, the city’s minimum hourly wage
electronic equipment increased from RMB10.5 to RMB15.
2. Electrical machinery & equipment Guangdong’s strength in foreign trade is evident in the
3. Smelting and processing of metals following gures (from Guangdong Statistical Yearbook 2013):
4. Raw chemical materials and chemical products
5. Automobiles • Total exports and imports rose to US$636.4 billion
6. Plastics and US$455.2 billion, respectively, by 10.9 and 11
7. Petroleum refining and nuclear fuel processing percent year-over-year.
8. Garments and footwear
9. General purpose machinery • Although exports had to face a 0.8% decrease in
10. Textiles the rst ten months of 2014, Guangdong – China’s
biggest export region – realized an export value of
238 US& 515.7 billion. From January to October 2014,
imports decreased 7.6% year on year to US% 349.2
billion.
