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Content provided by : Hong Kong Trade Development Council
1 May 2009
PRD Seeks to Overtake South Korea in GDP by 2020

The party committee and government of Guangdong recently kicked off the implementation of the Outline Programme for Reform and Development of the Pearl River Delta (PRD).

In 2009, the first year for the implementation of the Outline Programme, the PRD will take the lead to overcome the impact of the global financial crisis by maintaining fast but steady economic growth. It aims to achieve a GDP of Rmb3.15 trillion within the region, or Rmb65,200 (2007 price, equivalent to about US$9,381 calculated at the 2008 average exchange rate of 1:6.95) per-capita, and attain an urbanisation rate of 80.1%.

By 2012, the PRD will be the first to complete the building of an all-round well-off society, with obvious improvements in its economic strength, capacity for independent innovation and international competitiveness. Its transformation of development pattern will produce obvious results. A modern industrial structure will be basically in place and regional economic integration will be basically completed. A social insurance system benefiting the whole nation will be established. There will be an obvious improvement in the level of public services, such as medical and health care, education, and cultural services, and the building of suitable-for-living cities and villages will produce obvious results.

According to relevant indicators, GDP will reach Rmb4 trillion within the region by 2012, or Rmb80,000 (about US$11,500) per-capita.  Urbanisation rate will reach 81.0% and average life expectancy will reach 78.

The region will have achieved a "10-year leap" by 2020, at which time all development targets set out in the Outline Programme will have been met and the PRD will be the first in the country to have basically achieved socialist modernisation.

GDP within the region will triple the 2007 figure to reach Rmb7.25 trillion, catching up with South Korea by 2020. Per-capita GDP will reach Rmb135,000 (about US$19,400), surpassing Taiwan's present level and attaining the target of moving from upper-middle-income to the level of a high-income country/region. Its urbanisation rate will reach about 85%, with obvious improvements in the ecological environment. The building of a socialist market economic system will be completed, with a world advanced manufacturing sector, modern service industry bases and national innovation regions. There will be a complete integration of urban and rural social security systems and egalitarian distribution of public services. The region will also forge closer ties with Hong Kong and Macau with the aim of building a city cluster with international competitiveness and the greatest vitality in the Asia-Pacific region.