China’s Guangdong GDP for 2021 set to top that of South Korea and most other countries
The economy of China’s southern manufacturing powerhouse of Guangdong likely surpassed that of South Korea for the first time in 2021, and if the provincial economy were that of a country, it would rank in the top 10 globally, according to official local data.
China’s largest regional economy has also doubled down on the nation’s “common prosperity” strategy, which calls for a more even distribution of wealth.
Guangdong’s gross domestic product (GDP) grew by 8 per cent from a year earlier to 12.4 trillion yuan last year, or US$1.92 trillion based on the official annual average exchange rate, according to the local government’s annual work report, which was released in full on the province’s official website on Monday.
Read More at https://www.scmp.com/economy/china-economy/article/3164568/chinas-guangdong-gdp-2021-set-top-south-korea-and-most-other