Guangdong province is set to achieve its aim of building a moderately prosperous society in all aspects by 2018, two years ahead of the nation's target of 2020.

To realize the goal, the South China province will maintain annual economic growth of 7 percent during the 13th Five-Year Plan period (2016-20), higher than the bottom line set for the country at 6.5 percent.

Despite the downward pressure, the relatively high speed of economic growth is achievable and necessary for Guangdong to realize the goal of doubling the province's GDP and per capita income compared with 2010 before 2020, according to Xu Shaohua, vice-governor of Guangdong and a standing committee member of the provincial CPC committee.

"Guangdong has been adjusting its industrial structure for several years and has achieved initial success, with the service sector expected to contribute to more than half of the province's GDP this year," said Xu at a news conference on Friday.

"We are in a better position to withstand the downward pressure of economic growth than other regions that rely on high-input, low-output and resource-consuming industries," he said.

Guangdong saw year-on-year GDP growth of 7.9 percent during the first three quarters this year, higher than the national 6.9 percent. The annual GDP growth of Guangdong is expected to be at least 7.9 percent, Xu added.

As a hub of foreign trade, Guangdong will further open up and strengthen cooperation with the neighboring special administrative regions of Hong Kong and Macao, according to the proposal.

To develop the Guangdong-Hong Kong-Macao Big Bay Area into "the economic area with biggest growth potential in the world", Guangdong will thoroughly implement the Closer Economic Partnership Arrangement between Hong Kong and the mainland.

It will also accelerate the liberalization of service trade with Hong Kong and Macao, seeking breakthroughs in areas of business and finance, transportation and shipping, and science and technology services.

The China (Guangdong) Pilot Free Trade Zone will continue to play a big part in deepening the cooperation and will focus on innovations in international trade rules during the coming five years, according to the proposal.

"The free trade zone's performance should be assessed based on how many trade rules carried out in the zone are in line with international norms rather than the number of enterprises in the zone," said vice-governor Xu.

"No local government is allowed to give the green light to counterfeits or copycats, and Guangdong will enhance the protection of intellectual property rights to encourage innovation."

[email protected]

(China Daily 11/28/2015 page4)