Guangdong equals Italy in GDP
Guangdong, China's industrial heartland and top foreign trade participant, has improved industrial technology policy and strengthened the foundations of high-quality economic development, according to the annual work report from the local government.
In fact, Guangdong's gross domestic product (GDP) in 2021 increased by 8% from the previous year to 12.4 trillion-yuan, or US dollars 1.92 trillion at the official yearly average exchange rate.
This value of GDP is equivalent to Italy for the forecast of 2021 economic data; in fact GDP in Italy is expected to reach 1.92 USD trillion in 2021, according to Trading Economics.
According to the International Monetary Fund (IMF) projections, Guangdong's yearly economic size could be higher than South Korea's predicted US dollars 1.82 trillion and just slightly lower than Canada's expected US dollars 2 trillion.
According to the research, Dongguan has become the province's fourth city with a GDP above 1 trillion yuan, behind the provincial capital of Guangzhou and the cities of Shenzhen and Foshan. Guangdong's achievement of this milestone appears to have pleased many people around the country, as the issue of Guangdong's GDP exceeding 12 trillion yuan was one of the most popular on social media platforms.
Local leaders, meanwhile, are setting lower GDP growth targets for 2022 in response to mounting negative pressure on the national economy. Hubei, for example, has set a GDP target of around 7% for 2022, while Guangdong is aiming for a 5.5 percent growth rate for 2022.