(Yicai Global) Oct. 9 -- Frontrunner Guangdong province is a key weathervane of China's reform and opening. The gross domestic product of the southeastern economic powerhouse grew at an average annual rate of 12.6 percent from 1979 to last year, and its economic aggregate successfully overtook three of the Four Asian Tigers -- Hong Kong, Taiwan and Singapore.

Guangdong's economy has continued to burgeon in the past 40 years since China's reform and opening. Calculated by comparable prices, its GDP grew at an average annualized rate of 12.6 percent from 1979 to last year, with a total volume close to CNY9 trillion (USD1.31 trillion) last year, with its comprehensive economic strength ranking first in China for 29 straight years. 

The province's economic aggregate surpassed Singapore, Hong Kong and Taiwan in 1998, 2003, and 2007, respectively, said Yang Xinhong, secretary of the Party Committee and director of the provincial statistics bureau on Sept. 27.

Calculated by the average exchange rate of last year, Guangdong's GDP last year was equivalent to USD133.12 billion, which is comparable to Mexico's and ranks 15th in the world behind Spain. Its GDP, however, still trails South Korea's, which has the largest economic aggregate among the Four Asian Tigers.

Guangdong failed to surpass South Korea in GDP due to its economic slowdown in recent years and yuan exchange rate fluctuations. Its 7 percent annual growth rate gives the province a good chance of surpassing South Korea if the exchange rate remains stable in the next few years, Peng Peng, vice president of the Guangdong Society of Economic Reform, told Yicai Global.

Guangdong's per capita GDP reached CNY81,100 (USD11,716) last year, only about half South Korea's.

Imbalanced regional development also persists and redoubled efforts will be needed to narrow the gap within the province, Prof. Lin Jiang with Lingnan College of Sun Yat-sen University told Yicai Global.

Editor: Ben Armour