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The pace is slowing down in export-oriented Guangdong Province in south China, affected by the sluggish world economy as well as domestic competition in the form of price cuts.
As can be seen from the latest figures from the Statistics Bureau of Guangdong, export volumes increased by a mere 0.6 percent in the first half of the year with a total volume of US$43.1 billion. The growth of exports had slowed down by 32.2 percent compared with the same period last year.
Export goods being hardest hit include television sets, calculators and cameras, which suffered a fall of 11.9, 6.9 and 16 percent respectively. Altogether 12 cities in the province registered bitter decline in export.
The situation sounds warning bells to the fact that after two decades of brisk economic development in the area, Guangdong is now experiencing a new round of economic reconstruction and readjustment, said Bu Xinmin, director of the statistics bureau.
Fierce competition from the Yangtze River Delta in recent years also reflects Guangdong's weaknesses manifested in the fact that its industrial framework, the structure of commodity manufacturing and its technology are not compatible with the economic development, Bu added.
Future perspective from the bureau indicates Guangdong will focus on readjusting its economic structure and policy guidelines to stimulate export and domestic demands.
But the good news is that the province's gross domestic product hit 458.4 billion yuan (US$55.2 billion) in the first half of the year, a 10 percent rise on the same period last year.
The tertiary industry has seen distinct development with an added value of 191.4 billion yuan (US$23.1 billion), up 11.2 percent. The great momentum in using foreign capital has also continued this year, with actual and contracted foreign investment reaching US$6.4 billion and US$8.5 billion in the first half of the year, increasing by 12.6 and 72.3 percent respectively.
(China Daily 07/20/2001)
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