Guangdong Province’s 2017 GDP exceeds the value of total output of Australia. This wealthiest province on the mainland would be the 13th-largest economy in the world if it were a stand-alone entity.
Guangdong Province experienced economic slowdown in recent years, but it still managed to have an average annual growth rate at about 12.6% from 1979 to 2017. This economic powerhouse’s GDP surpassed Singapore, Hong Kong and Taiwan Province in 1998, 2003, and 2007, respectively. The Province’s economic scale is now close to that of the Republic of Korea, whose GDP reached $1.53 trillion in 2017. The Province’s economic aggregate may surpass the Republic of Korea in next years given that GDP growth rate stays at 6% and Reminbi remains strong. Then, Guangdong Province will economically out-compete the “Four Little Dragons of Asia”.
Jiangsu Province’s economy is also large enough to rival GDP of many developed countries. This Province is the second largest provincial economy in China, after Guangdong Province. The economic aggregate of Jiangsu province is larger than those of Mexico and Indonesia. With a medium-high economic growth rate, Jiangsu Province’s GDP may catch up with those of Spain and Australia in the near future.
