Guangdong aims for 5% economic growth in next five years

The authorities of Guangdong, the largest provincial economy of the country, envision around 5 percent annual economic growth in the coming five years.

The province's gross domestic product increased by 6 percent on average every year in the past five years to over 11 trillion yuan last year.

It is expected to rise to about 14 trillion yuan in 2025 and double that in 2020 in 2035, said Huang Shuming, deputy director of the provincial development and reform commission, at a news conference in Guangzhou on Sunday.

Guangdong government officially issued the provincial 14th Five-Year Plan (2021-25) for Economic and Social Development and the Long-Range Objectives Through the Year 2035 on Sunday.

The research and development spending by all players is expected to grow by 10 percent annually in Guangdong in five years.

Guangdong is projected to have more than 250,000 5G base stations and 100 million 5G mobile telecommunications users by 2025.

About 1,300 kilometers of new fast and high-speed railways are planned to bring the total to 3,600 kilometers.

Clean energy will occupy a larger share of Guangdong's energy mix, with natural gas, renewable energy and nuclear energy to account for 14 percent, 22 percent and 7 percent of the total energy consumption, respectively, and coal's share dropping to 31 percent in the coming five years, Huang said.