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Guangdong edges Jiangsu as fastest growing province in 2012

Guangdong edges Jiangsu as fastest growing province in 2012

Guangdong has maintained its position as China's largest province by economy size with an official 2012 GDP of 5.7 trillion yuan (US$915 billion), a growth rate of 10.2%, reports our Chinese-language sister paper China Times.

Despite holding on to the top spot again this year, Guangdong was nearly edged by eastern Jiangsu province, according to Guangdong's provincial finance minister Zeng Zhiquan. Jiangsu's 2012 GDP hit 5.4 trillion yuan (US$867 billion), a rate of 10.1%, and its income per capita in 2012 was over US$10,000, the highest in China.

The Guangdong provincial government has reportedly shut down around 70,000 poorly performing companies over the past five years, leading to a slowdown in the GDP growth rate.

Zhao Yufang, deputy governor of Guangdong, said Jiangsu attracted investment of more than US$30 billion last year, compared to just US$20 billion for Guangdong. It may be the time for Guangdong government to re-consider its investment environment, Zhao added.

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