Guangzhou cuts 2012 growth target to 10%

Guangzhou has cut its 2012 economic growth target to 10 per cent from 10.5 per cent, amid challenging economic conditions.

The projected growth rate is also the lowest in the past 22 years, China Daily reported.

The state-run media quoted an official as saying that the global economic slowdown has brought negative impact to Guangzhou's economic development.

Hence, the Chinese city would focus on developing itself as an international trade and commercial centre, while introducing some large infrastructure investment projects.

"We aim to develop Guangzhou as an international trade and commercial centre," Guangzhou's Mayor, Chen Jianhua was quoted as saying.

Guangzhou's gross domestic product (GDP) hit 1.35 trillion yuan (US$216.9 billion) in 2012, while fiscal revenue rose 11.1 per cent to 108.8 billion yuan (US$17.48 billion), the lowest since 2008.

Meanwhile, a researcher of the South China Urban Development Institute, Wan Qingtao agreed that Guangzhou, as a city that traditionally relies on foreign trade, should change its economic development model.