Economic Development of Guangxi Zhuang Autonomous Region

June 17, 2019

Abstract : In recent years, Guangxi's economy has repeatedly reached new levels. From 2012 to 2016, the region's GDP grew at an average annual rate of 8.5%. Its per capita GDP was 41,955 yuan in 2017.

Economic Profile

In recent years, Guangxi's economy has repeatedly reached new levels. From 2012 to 2016, the region's GDP grew at an average annual rate of 8.5%. Its per capita GDP was 41,955 yuan in 2017.

In 2017, Guangxi's GDP amounted to 2,039.63 billion yuan, up 7.3% year on year. Among which, the primary industry generated 290.69 billion yuan of added value, up 4.1%; the secondary industry realized 929.78 billion yuan of added value, up 6.6%; and the tertiary industry earned 819.15 billion yuan of added value, up by 9.2%.The proportion of the three sectors was 14.2:45.6:40.2.

Economic Development Blueprint

According to Guangxi's 13th Five-Year Plan for Economic and Social Development, a blueprint for the region's development for the 2016-2020 period, Guangxi is expected to build itself into a significant channel for China to link the ASEAN nations, a new strategic fulcrum for the opening up of the southwest and central-south regions of China, as well as an important gateway linking the 21st Century Maritime Silk Road and the Silk Road Economic Belt.

Guangxi is expected to keep its GDP growth higher than the nation's average level in the period and to double the average income of urban and rural residents by 2020. Guangxi is expected to take the lead in China to reach the target of being a well-off society by 2018 and maintain a medium and high speed growth in the next five years.

Growth Rate of Guangxi's Major Economic Development Targets for 2020

Items	Growth Targets (% YoY)
GDP	7.5
Fixed Asset Investment	12
Gross Retail Sales of Consumer Goods	9
Export and Import	12
Fiscal Revenue	7
Per Capital Regional GDP	≥6.4
Industrial Added Value	7.5

Guangxi has worked out several key tasks for economic and social development in the next five years, which are:

a. further developing traditionally advantaged industries, such as sugar and aluminium producing industries, as well as pushing ahead Internet plus industry development so as to promote in-depth integration of traditional industries with cloud computing, big data and internet of things;

b. speeding up development of advanced manufacturing industries, including manufacturing of rail transport equipment, maritime engineering devices and high-tech ships, high-end digital control machine tools and robots, agricultural equipment and general aviation equipment;

c. Accelerating to foster strategic emerging industries, striving to make the proportion of the added value of such industries to reach as high as 15% of the region's total GDP by 2020;

d. further pushing ahead development of modern service industry, and modern agricultural industry.