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China looks to regional economic integration for growth

(Xinhua)
Updated: 2009-06-13 17:01

NANNING -- Chinese provincial governments have decided the best way to combat the fallout of the financial crisis was to keep closer, and seek opportunity of growth as an integrated whole.

It was also in line with the central government's policy to boost domestic demand.

Government officials participating in the five-day Pan Pearl River Delta regional economic forum and trade fair from June 9 to 13 in Nanning, capital of the Guangxi Zhuang Autonomous Region reached such census, saying they would continue to forge closer ties with each other to fuel their economy.

The members include Hainan, Yunnan, Hunan, Guangdong, Jiangxi, Fujian, Sichuan, Guizhou, Guangxi as well as Hong Kong and Macao special autonomous regions. Hong Kong, Macao and Guangdong were more squeezed as they relied more on global demand.

Su Chang, chief analyst with the Beijing-based CEBM Group Ltd, expected exports would no longer contribute as much to China's economy when the world economy recovered. "A change in the development model is in urgent need. China's economic growth should be more dependent on domestic demand."

Weakening exports slowed growth in the world's third largest economy to a year-on-year 6.1 percent in the first quarter. Guangdong's GDP grew at a slower pace of 5.5 percent and Hong Kong fell 7.8 percent.

Regional ties

PPRD members gathered in the hope of attracting investment and developing their markets. During the forum, they signed more than 600 projects worth a total 226.1 billion yuan (33.07 billion US dollars).

"The global economic turmoil will deepen its impact on Hong Kong's economy," Hong Kong Chief Executive Donald Tsang said Wednesday. "But the situation is better than other export-led economies such as Japan, Republic of Korea and Singapore because of Hong Kong's close ties with the Chinese mainland."

Tsang pledged to further tap the mainland market for growth. Other government heads noted the impact of the global economic turmoil was widespread and deep, and cooperation was the only way out.

Yunnan vice governor Gu Chaoxi said more trade should go to domestic market.

Members called for the expansion of rail and road networks and sealed agreements to strengthen cooperation in finance and tourism sectors.

Regional economy, new engine

China's State Council, or Cabinet, Wednesday approved a plan to build the eastern Jiangsu Province into a transport hub and a coastal industrial base. It was only one of a string of regional development plans in the last six months, which set reform target for eastern China's Shanghai, Shenzhen, Fujian Province and PPRD region.

A report released by the central bank last month said China's economy had seen signs of recovery, but the foundation was still not solid. Regional economic development would be new growth point.

Zhang Faxin, analyst with the China Galaxy Securities, told Xinhua that these policies focused on upgrading industrial structure and industry transfer, especially in the eastern areas.

The traditional mode of relying on low-end manufacturing and processing trade had to end as rising land and labor costs squeezed profits, said Wei Houkai, a researcher of the Chinese Academy of Social Sciences.

As part of the strategic plan to revive regional economies and optimize economic structure, Guangdong pledged to accelerate transfer of labor-intensive and processing industries to the central and western part of China.

Guangdong vice governor Tong Xing said almost 100,000 enterprises in Guangdong needed to move to inner part of mainland for growth. In turn, the central Hunan Province and the western Guangxi and Guizhou will take measures to receive such industries.

These industries, when moved to the central and western regions, would help boost their economies and create jobs, said Liu Yong, researcher with the Development Research Center of the State Council.