South China Province to Increase Domestic Demand
GUANGZHOU, January 29 (Xinhua) -- Guangdong Province, which leads China's reform and opening- up, will take measures to increase domestic demand this year.The statement was made by Governor Lu Ruihua while delivering a government work report at the Guangdong Provincial People's Congress, which began its annual session Monday.
Lu said that his province will continue to practice the policy of increasing domestic demand to ensure rapid economic growth.
According to Lu, the provincial government will spend 38 billion yuan (about 4.58 billion U.S. dollars) on 54 major projects this year, while the investments made by collective enterprises and private businesses will amount to 86.2 billion yuan (about 10.39 billion U.S. dollars) this year, up 12 percent.
The province also plans to use 16.6 billion U.S. dollars in overseas investment in 2002.
Domestic demand has become one of the major factors for economic development in Guangdong, one of the country's economic powerhouses.
The province's gross domestic product was 1.06 trillion yuan (about 127.18 billion U.S. dollars) last year, 9.5 percent higher than in 2000.
It invested 354.8 billion yuan (about 42.75 billion U.S. dollars) in fixed assets in 2001, a 10.6-percent increase on the figure for 2000.
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