Guangdong’s future rests on high-quality growth, Communist Party chief says
- Huang Kunming says the province can no longer compete on land, labour and price
- Hong Kong has a role to play in driving that transformation, analysts say
China’s southern economic powerhouse of Guangdong must harness “high-quality development” if it is to overcome risks and its limits on growth, according to its Communist Party chief.
Guangdong has a large population, limited resources, and a heavy burden to balance and coordinate development [resources]
“Guangdong has a large population, limited resources, and a heavy burden to balance and coordinate development [resources],” he said, echoing comments by Chinese Premier Li Keqiang.
“It’s impossible to continue competing on land, price and labour. The whole province needs to be aware of this issue.”
Guangdong, the country’s largest regional economy, grew at 1.9 per cent to a record 12.91 trillion yuan (US$1.9 trillion) last year, according to official figures, well above the gross domestic product (GDP) of South Korea, Canada or Russia.
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