Guangzhou, capital city of Guangdong province, has experienced considerable changes after 70 years of economic and social development since the founding of the People's Republic of China.
Guangzhou's regional gross domestic product was 298 million yuan ($41.92 million) in 1949. That number has risen to 2.29 trillion yuan in 2018, accounting for 25 percent of the total GDP in Guangdong province, thanks to the reform and opening-up policies.
Since the 18th National Congress of the Communist Party of China, Guangzhou has been devoted to carrying out high-quality development, being one of the areas in China with the most economic dynamism. The annual GDP growth rate was maintained at 8.3 percent from 2013 to 2018, 1.3 percentage points higher than the national average growth.
The per capita GDP in Guangzhou amounted to 155,500 yuan in 2018, compared to 121 yuan in 1949. Guangzhou had reached the high-income country level in 2010, according to the standards set by the World Bank.
Guangzhou, capital city of Guangdong province, experiences considerable changes after 70 years of economic and social development. [Photo/southcn.com]
Guangzhou's fiscal revenue has seen an average annual growth of 12.7 percent from 1979 to 2018, as the number has climbed to 163.42 billion yuan.
The proportion of the primary, secondary, and tertiaries industries in Guangzhou has developed from a ratio of 7.37:33.02:39.61 in 1949 to 0.98:27.27:71.75 in 2018, with the tertiary industry playing a leading role in driving the economy.
The tertiary industry in Guangzhou generated 1.64 trillion yuan in added value in 2018, while the number was 118 million yuan in 1949. The added value of the modern service industry in Guangzhou reached about 1.1 trillion in 2018, accounting for 66.5 percent of the total value.
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