Life of Guangzhou - Guangzhou's GDP Increases by 12% in 2008

Despite the economic slowdown, Guangzhou has achieved, during the first three quarters of 2008, the goal set at the beginning of this year - growth of GDP by 12%, up by 12.1% over the same period of last year.

Although growth in pillar industries like auto making and petrochemicals slowed down due to the global financial crisis, high-tech industries embraced continuing growth, yielding output values overtaking those generated by the three pillar industries, said officials at a conference jointly held by the Development and Reform Commission of Guangzhou Municipality, the Economic and Trade Commission of Guangzhou Municipality and the Bureau of Finance of Guangzhou Municipality on the afternoon of November 25th. Driven by the development of high-tech industry, the gross industrial output for enterprises above a designated size exceeded RMB876 billion in the first three quarters, up by 13.6% than the same period of last year.

Statistics showed that the GDP increased by 11.1% and 11.9% for the first season and the first half of 2008 respectively. By the end of the third quarter, GDP had increased by 12.1%. It was estimated that the GDP in 2008 would exceed RMB800 billion.

Officials from the Bureau of Finance of Guangzhou Municipality said that the Municipal Government would take measures to ease the pressure and promote the development of enterprises and speed up the construction of major projects, thus stimulating economic growth by bringing in more investment of fixed assets. Also, the government would provide financial support to ensure social security for those unemployed and citizens concerned.