GUANGZHOU, Feb. 4 (Xinhuanet) -- South China's Guangdong Province reported a doubled GDP (gross domestic product) during the past five years, according to a report of the provincial statistical bureau.
Guangdong achieved a GDP of 2.17 trillion yuan (264.8 billion U.S. dollars) in 2005, up by 12.5 percent on a year-on-year base.
The bureau source said it was the first time that Guangdong's GDP exceeded 2 trillion yuan (250 billion U.S. dollars), just five years after the province reported 1 trillion yuan of GDP.
The economic growth in Guangdong is mainly contributed to three factors, including consumption, investment and export, said insiders.
In 2005, the gross retail volume of consumer goods in Guangdong amounted to 788.3 billion yuan (98.5 billion U.S. dollars), increasing by 15 percent over the previous year.
The bureau source said as individual's income grows, the aggregate bank savings of the residents surpassed two trillion yuan (250 billion U.S. dollars) in 2005, growing by 134 percent over 2000.
Big increase in overseas investment inflow
The inflow of overseas investment in Guangdong Province totaled 12.68 billion U.S. dollars last year, a year-on-year rise of 26.6 percent.
The growth range was 27.1 percentage points more than the national average for the same year.
Contractual overseas investment on the service trade last year made up 5.93 billion U.S. dollars or one quarter of the provincial total.
So far, 176 of the world's top 500 multinationals have built 581 ventures in this southern Chinese province.