Guangdong has ranked 13th in the world by GDP if taken as an economic body, a position which surpasses that of Australia, the Securities Times said in its provincial GDP ranking for 2020 on Monday. . It had already overtaken Spain, Australia and Mexico. Factories may struggle to cover the cost of raw materials and salaries. The other three, recorded in the southern province of Guangdong and eastern province of Shandong, were imported infection involving travellers from overseas. Jiangsu province has the same GDP with Korea in 2020… BEIJING, Feb. 2 (Xinhua) -- Guangdong, Jiangsu and Zhejiang were the top three regions in terms of aggregate financing to the real economy in 2020, the central bank said on Tuesday. Aerial photo taken on Sept. 11, 2020 shows a view of downtown Shenzhen, south China's Guangdong Province. Lin says the requirements and specifications for exports are different from the domestic market. We chose these firms from the list published by the government, … Authorities in Guangdong are now offering skills training for employees to prepare them for new opportunities in a changing market. Foreign trade played a major role in driving Guangdong's growth in 2020. Of the new infections, 13 were found in Urumqi, the capital of China's far western region of Xinjiang. CGTN | [CDATA[ The Economy of Guangdong is one of the most prosperous in China. China’s Guangdong province aims for 6.0 per cent GDP growth in 2020, but the export engine of the economy foregoes specific trade target; Guangdong is … More importantly, profits can vary because of differences including income and consumption levels. ... world's largest intelligent manufacturing market … Guangdong province overtook Russia and Korea and became the 11th economy in the world, posing to overtake Canada to join the world top 10 this year. But despite the economic growth, an expert says challenges lie ahead. If all mouse manufacturers stop exporting and turn to the domestic market, their profits will drop. South China’s Guangdong Province, a major manufacturing hub in the nation, achieved 2020 GDP growth of 2.3 percent year-on-year against the headwinds that the export-oriented economy … 2020 GDP data for 29 provinces. document.write(oTime.getFullYear()); October 13, 2020 02:03 AM Eastern Daylight Time. Copyright 1995 - Tuvalu would be the world's smallest economy in both methods. Updated: 2021-02-07 13:54, Nation-level economic development zones gain GDP of 10.5t yuan, A reading of the World Economic Outlook Update, Woman helps villagers harvest prosperity with grain art, Woman's garment factory threads way for rural revitalization, Bow-wow! South China's Guangdong Province saw its aggregate financing stood … To understand the impact of the pandemic on firms in China and suggest public policies to deal with the negative effects, we investigated firms in Guangdong Province. While the 2008 financial crisis took a hit on the Japanese economy and has stunted its growth since then, it is expected that the 2020 Olympics will give it a boost. Beijing, Shanghai, and the southern export hub of Guangdong all dropped their targets from 6-6.5% growth to “around 6%” in 2020, in line with the expected change to the national target. Lin says that more countries with cheaper labor, such as in Southeast Asia, the appreciation of the RMB and government calls for high-quality growth are forcing more exporters to rethink their future development. Guangdong is … Guangdong's GDP ticked up by 2.3 percent to cross the 11-trillion-yuan threshold in 2020, its governor Ma Xingrui said on January 24. For the first time, the province's GDP exceeded that of South Korea. "The transformation from making a mouse to a 5G device is a big challenge... as much as making a cloth factory switch to semiconductors. The GDP of South China's Guangdong Province surpassed 11 trillion yuan ($1.7 trillion) last year, the highest in the country. For the first time, the province's GDP exceeded that of South Korea. I think that through upgrades and transformation plans, more factories that used to be exporters will be upgraded to become high-end industries.". Because it's export-oriented, Guangdong can't shift all its businesses to domestic market from the international market.". The GDP of South China's Guangdong province surpassed 11 trillion yuan ($1.7 trillion) last year, the highest in the country. But despite the economic growth, an expert says challenges lie ahead. More importantly, profits can vary because of differences including income and consumption levels. I think that through upgrades and transformation plans, more factories that used to be exporters will be upgraded to become high-end industries.". Each province's GDP is listed in both the national currency renminbi (CN¥), and at nominal U.S. dollar values according to annual average exchange rates and according to purchasing power parity (PPP). The GDP of South China's Guangdong province surpassed 11 trillion yuan ($1.7 trillion) last year, the highest in the country. Foreign trade played a major role in driving Guangdong's growth in 2020. Moreover, because of the huge supply, the price for each item could be even cheaper than $15. Shiba inu dog adds pizzazz to products, Blacksmith forges handmade tools for spring ploughing, Jiangxi county builds new future with bamboo, Independent cafes add flavor to ancient Chinese city, Foreign investment, trade highlighted in govt work report, Look back at Chinese govt achievements of 2020, Top 10 domestic tourism destinations for mega-rich, Robust prospects abound for aesthetic medicine, Main targets in 2021 Government Work Report, State Grid plans diversified clean energy system. The survey sample included 524 firms in 15 cities in Guangdong Province. Japan’s GDP (PPP) is $5.75 trillion. In 2020, the United States and China would remain the largest economy in nominal and PPP, respectively. A China-made mouse costs about 100 yuan, or $15, while in the U.S., the price doubles. "Cantonese Boss" and "Su Daqiang" stepped up to a new level From the perspective of economic aggregates, Guangdong is still the leader and holds the top position. On a ppp basis, China has overtaken the US in 2016 and ahead by Int. Lin says the requirements and specifications for exports are different from the domestic market. The GDP of Guangzhou, capital of south China's Guangdong Province, grew 2.7 percent year on year to exceed 2.5 trillion yuan (about 388.25 billion U.S. dollars) in 2020, local authorities said Friday. The data shows that the GDP of Guangdong Province in 2020 will be 11,0760.94 billion yuan, a year-on-year increase of 2.3%. Beijing ICP prepared NO.16065310-3, Guangdong's 2020 GDP exceeds $1.7 trillion, challenges lie ahead, China's provinces set 2021 GDP growth targets beyond 6%, some over 10%. Guangdong's GDP scale is close to that of South Korea, whose GDP reached $1.53 trillion in 2017, according to the World Bank. In 2019, Guangdong's provincial GDP exceeded 10 trillion yuan (about $1.48 trillion). Guangdong’s 2020 GDP was equivalent to that of South Korea, the largest of the so-called “Four Asian Tigers” economies, encompassing South Korea, Singapore, China’s Hong Kong and Taiwan. // Jiangsu province is a very close second. "During 2021 and the coming years, if the government is going to make domestic demand a main driving force of the economy in dual circulation, this will present a challenge for Guangdong. Guangdong also announced its 2020 growth target at around 6 percent. Guangdong produces 1 in 9 pounds of China’s GDP, 1 in 4 pounds of China’s export. Turkey is the 19th largest economy in the world, with a GDP of $761.43 billion in GDP in 2019. Let's take computer mice, for example. A China-made mouse costs about 100 yuan, or $15, while in the US, the price doubles. Foreign trade played a major role in driving Guangdong's growth in 2020. Factories may struggle to cover the cost of raw materials and salaries. For the first time, the province's GDP exceeded that of South Korea. If all mouse manufacturers stop exporting and turn to the domestic market, their profits will drop. Authorities in Guangdong are now offering skills training for employees to prepare them for new opportunities in a changing market. Read more: China's provinces set 2021 GDP growth targets beyond 6%, some over 10%, Copyright © 2020 CGTN. "The economic growth rate has shifted from negative to positive. Tourists pose for photos amid cosmos flowers at Haizhu Wetland Park in Guangzhou, capital of South China's Guangdong province, on Nov 3, 2020. The economic output of south China's Guangdong Province may have surpassed that of South Korea – Asia's fourth largest economy – in 2020. var oTime = new Date(); 19 Jul, 2020, 10.28 AM IST. The growth rate of 6.3 percent in 2019 was not slow and its GDP surpassing 10.5 trillion yuan will help shore up confidence, said Yin Tao, deputy director of the Guangzhou Academy of Social Sciences. Guangdong has ranked 13th in the world by GDP if taken as an economic body, a position which surpasses that of Australia, the Securities Times said in its provincial GDP ranking for 2020 on Monday. Turkey has a largely open economy with large industrial and service sectors. All rights reserved. Let's take computer mice, for example. Since all countries, except China, is facing negative economic growth in 2020, Russian and Korean 2020 GDP will be less than 2019, therefore when the 2020 GDP of these 2 countries are likely to be less than that of Guangdong province. Without written authorization from CDIC, such content shall not be republished or used in any form. It exported trillions of yuan of medical supplies, traditional garments and home appliances. Lin says that more countries with cheaper labor, such as in Southeast Asia, the appreciation of the RMB and government calls for high-quality growth are forcing more exporters to rethink their future development. The province’s GDP surpassed the 11 trillion yuan ($1.7 trillion) mark in 2020 for the first time, a jump from 7.5 trillion yuan in 2015, ranking it No.1 for 32 consecutive years among all Chinese provinces in terms of economic output, Guangdong’s Governor Ma Xingrui said during the government work report delivered on Sunday. Lin says they will either have to shut down or turn to other businesses such as the new economy, including 5G and artificial intelligence. But despite the economic growth, an expert says challenges lie ahead. China's economy grew more than expected last year, even as the rest of the world was upended by the coronavirus pandemic. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). "During 2021 and the coming years, if the government is going to make domestic demand a main driving force of the economy in dual circulation, this will present a challenge for Guangdong. "The transformation from making a mouse to a 5G device is a big challenge... as much as making a cloth factory switch to semiconductors. The article lists China's province-level divisions by gross domestic product (GDP). Professor Lin Jiang of Sun Yat-sen University cautions, however, that the economic powerhouse faces uncertainties. On a nominal basis, the US is ahead of China by $5.59 trillion in 2020 compared to $6.70 trillion in 2019. It exported trillions of yuan of medical supplies, traditional garments and home appliances. The US and China's margin is coming down in nominal ranking as China's gdp growth rate of 2020 (1.85%) is much higher than the US's -4.27%. Guangdong province’s GDP tallied about CNY7.84 trillion (USD1.17 trillion) in the first three quarters in an annual 0.7 percent rise, and in growth catching up with the national average, which jumped by 3.2 percentage points from the overall first-half increase on the springboard of the strong third-quarter economic rebound. Moreover, because of the huge supply, the price for each item could be even cheaper than $15. In terms of foreign trade, Guangdong’s total import and export of goods was 5.08 trillion yuan, a year-on-year decrease of 1.6% in the first three quarters with the rate of decline narrowing by 5.5% from H1, 2020. The total import and export value is $1trillon in 2013 As the leading driver of China’s economic grow, the province is the national hubs of manufacturing of a wide range of sectors. It had already overtaken Spain, Australia and Mexico.