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Guangdong targets efficiency, not speed
By Li Wenfang (China Daily)
Updated: 2005-01-23 22:05

South China's Guangdong Province is expecting a 10 per cent economic growth this year after a 14.2 per cent increase last year, aiming at a more sustainable economy.

The provincial government will "adhere to the key tasks of deepening reform, structural adjustment, upgrading opening-up and changing the mode of economic growth."

Governor Huang Huahua made the remarks when delivering his government work report to the Third Session of the 10th Guangdong Provincial People's Congress yesterday.

Accounting for about one-ninth of China's economy, Guangdong generated 1,604 billion yuan (US$193.25 billion) in gross domestic product last year.

But there are still weak points in Guangdong's economy in structure, modern service industry, technological innovation and supply of resources such as land, water and energy, Huang said.

Instead of chasing high economic growth, the province will pursue a more balanced and sustainable development, Huang said.

Fixed-asset investment growth this year is set at 15 per cent, compared with 19.9 per cent last year, with a goal of raising efficiency in investments. Growth in export and retail sales this year is targeted at 7 per cent and 12 per cent, compared with 25.3 per cent and 13.6 per cent last year.

In adjusting the economic structure, the government aims to continue to increase the proportion of high-end and heavy industries this year.

It will continue to push forward high-tech industries, including software, integrated circuits, bioengineering and new materials.

It will actively promote petrochemicals, automobiles and equipment manufacturing industries, which feature high growth and long production industry value chains.

The government will also speed up the development of modern service industries to support manufacturing better and to expand consumption.

The development of large and small and medium-sized enterprises will be encouraged to improve the corporate mix.

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