Guangdong's economy grows at slowest pace in 25 years
Three main indicators miss their targets as China's exports powerhouse hits economic headwinds and the 'new normal' becomes reality
Guangdong saw its slowest economic growth in a quarter of a century last year, with three main indicators failing to reach their targets.
The province's economy grew 7.8 per cent last year, to 6.78 trillion yuan (HK$8.5 trillion), compared with the previous year. This was short of the targeted 8.5 per cent, as all three drivers - investment, exports and consumption - had lost momentum, Governor Zhu Xiaodan said.
The provincial government had made reducing unemployment its No1 priority among its top 10 goals for improving people's livelihoods, Zhu said at the opening of the provincial People's Congress in Guangzhou yesterday.
The government hoped to contain urban unemployment to 3.5 per cent this year, worse than last year's 2.44 per cent, as the economy continued to slow. Predicting a sluggish economy ahead, Zhu set the forecast for growth at 7.5 per cent for the coming year.
"With the current global economic recovery remaining weak … there are still uncertain factors that create persistent pressure and potential risks of an economic downturn," Zhu said, referring to the challenges of economic development, a restructured mode of growth, and hangovers from previous rounds of economic stimulus.
