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.
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