The Pearl River Delta Economic Zone is also a highly attractive consumer market. The Pearl River Delta Economic Zone (simplified Chinese: ç æ±ä¸è§æ´²ç»æµåº; traditional Chinese: ç æ±ä¸è§æ´²ç¶æ¿å; pinyin: ZhÅ«jiÄng SÄnjiÇozhÅu JÄ«ngjìqÅ«) (once called 粤æ±å¹³å),[citation needed] is a special economic zone on the southeastern coast of China. By 2015, according to World Bank figures, it had become the world's largest urban area in both size and population. Infrastructure development has been key, particularly in attracting foreign investment. The Pearl River Delta Economic Zone has six prefecture-level cities with per capita GDP in excess of 50,000 yuan (approximately $7,300). In November 2015, PRD National Independent Innovative Demonstration Zone (PRD NIIDZ) was approved by the State Council as the first and only region-wide NIIDZ, promoting independent innovation and high-tech industry development. The Jing-Jin-Ji (JJJ), Yangtze-River-Delta (YRD) and Pearl-River-Delta (PRD) are three major economic zones located in China’s coastal areas. According to the Hong Kong Trade Development Council (HKTDC), PRD still leads the world in a number light industrial sectors. National Development and Reform Commission, Guangdong-Hong Kong-Macao Greater Bay Area, http://www.pacificshipper.com/news/article.asp?sid=33272<ype=transpacific, Economic profile for the Pearl River Delta, Guangdong-Hong Kong-Macau Greater Bay Area, Grasping the large, letting go of the small, China Banknote Printing and Minting Corporation, Ministry of Industry and Information Technology, State-owned Assets Supervision and Administration Commission, State Administration for Industry and Commerce, China Council for the Promotion of International Trade, All-China Federation of Industry and Commerce, Mainland and Hong Kong Closer Economic Partnership Arrangement, Mainland and Macau Closer Economic Partnership Arrangement, Regional Comprehensive Economic Partnership. According to HKTDC, retail sales of consumer goods in PRD reached RMB2,065.6bn in 2014, its citizens enjoying a per capita GDP of RMB100,448 - or 2.2 times the national average. Please be aware that the external site policies will differ from our website terms and conditions and privacy policy. PRD's retail sector has developed quickly with its major consumer markets of Guangzhou and Shenzhen featuring every kind of retail outlet from shopping mall to street vendor. Foreign Direct Investment (FDI) has played a huge part in PRD's development. Since the onset of China's reform program, the Pearl River Delta Economic Zone has been the fastest growing portion of the fastest growing province in the fastest growing large economy in the world. For UK companies in a range of sectors including retail, services, technology and industry, PRD is an opportunity waiting to be taken. As the most dynamic region in the Chinese Mainland, it is increasingly important as a market. It is Pearl River Delta Economic Zone. It has created industrial end-user clusters for synthetic rubber, surfactants, synthetic resin, chemical intermediates, and fine chemicals. Shenzhen is leading investment with an estimated 4 per cent of the city's GDP, a ratio that brings it close to tech leaders like South Korea and Israel. The explosive growth the Pearl River Delta has upended the regional balance of power. At the close of the 20th century, Hong Kong was the undisputed economic powerhouse of the region. By 2014 FDI utilisation reached USD24.9bn, or 20.8 per cent of the national total. The Pearl River Delta Economic Zone (PRDEZ) is one of the most vigorous economic regions in China, and even in the world. In 2015, Hong Kong, Taiwan and Macau together contributed over 31 per cent of Guangdong's trade (Hong Kong contributing 24.6 per cent). The region's GDP grew from just over US$8 billion in 1980 to more than US$89 billion in 2000 and nearly US$221.2 billion in 2005. The source code for the WIKI 2 extension is being checked by specialists of the Mozilla Foundation, Google, and Apple. The petrochemicals complex at Daya Bay Huizhou Economic and Technological Development Zone demonstrates this effect, attracting oil refining and ethylene production companies from the US, the UK, Japan, the Netherlands and South Korea amongst others. It has been undergoing a rapid urbanization since the reformation and opening of China in 1978. The growing economy … Can it show the way for the rest of the country? This is especially so as Guangdong features as a part of China's experimental Free Trade Zone (FTZ) programme, set up in 2013 to ease cross-border trade and investment flows, whilst boosting growth in domestic services and innovation. Areas of greater autonomy included finance and fiscal matters, foreign trade and investment, commerce and distribution, allocation of materials and resources, labor, and prices. FOLLOW US. Not only is Hong Kong integral to future plans associated with enhanced connectivity and interaction between major cities in the Greater Bay Area, it experiences very high levels of visitor arrivals. PRD still leads the world in a number of light industrial sectors. The phenomenal rise of the Pearl River Delta (PRD) region, located in the province of Guangdong, can be attributed to China's economic reform and 'open-door' policy. The Pearl River Delta is moving towards a high-tech-oriented exporting region. Lei Dou, Tingting Li. PRDEZ - Pearl River Delta Economic Zone. The next site will open in a new browser window or tab. Pearl River Delta Economic Zone is located in the middle part of Guangdong Province, facing to the South China Sea in the south and is adjacent to Hong Kong and Macao. It also is a major market for transportation and trade-related services. Shenzhen became a leader in terms of foreign exchange markets, operation of foreign banks, land reforms, and stock market development. The Pearl River Delta Economic Zone accounted for 19.9 percent of GDPand 38.9 percent of total trade in 2005. Home to some 120 million people, the Pearl River Delta Economic Zone generates 3.8% of global wealth. Hong Kong is also the largest source of FDI in Guangdong, accounting for 65 per cent of Guangdong's GDP. A wave of new investment will see the region's reinvention pull in yet more wealth. As a result, Zhuhai is now a major city in the Pearl River Delta region according to the new general urban plan approved by the State Council. I use WIKI 2 every day and almost forgot how the original Wikipedia looks like. Are you sure you want to close the window? GO. It is a world leader in the production of electronic goods, electrical products, electrical and electronic components, watches and clocks, toys, garments and textiles, plastic products, and a range of other goods. In the 1980s, Special Economic Zones, including those in PRD, were used to test the water further, focusing on the development of manufacturing and exports. Search the information of the editorial board members by name. Located in the Pearl River Delta, it consists of the Chinese cities of Guangzhou, Shenzhen, Zhuhai, Foshan, Dongguan, Zhongshan, Jiangmen, and parts of Huizhou and Zhaoqing. To balance regional development and alleviate energy pressure, this work explores the embodied energy flows inside and outside of the JJJ, YRD, and PRD economic zones from 2007 to 2012. The foreign direct investment in the region was 20.8% of the total national investment three years ago and has continued to rise. It plays a key role in deepening economic cooperation with Hong Kong and Macau and includes two-way RMB financing between the FTZ and the two offshore centres. Guangdong's early experience with reform allowed a market-oriented culture to develop earlier than in other places in the Chinese Mainland. Pearl River Delta Economic Zone - How is Pearl River Delta Economic Zone abbreviated? You will lose any information you have entered. Company spending on R&D as a share of GDP is greater in Guangdong than anywhere else in the country. The region's economy is referred to as Pearl River Delta Economic Zone. To this end, since 2015, the province has worked to establish free trade with Hong Kong under the Closer Economic Partnership Agreement (CEPA) framework. By 2014 FDI utilisation reached USD24.9bn. Regional Geochemical Characteristics and Influence Factors of Soil Elements in the Pearl River Delta Economic Zone, China. It forms part of the western side of the Pearl River Delta Economic Zone, which includes Guangzhou to the east and northeast and Zhongshan to the southeast. Manufacturing companies opened up factories, creating a vibrant economic centre. The Pearl River Delta economic zone (PRD) is one of China's leading economic regions and a major manufacturing center. Looking for abbreviations of PRDEZ? Success saw PRD not only become the most populous centre but also one of the most productive, assuming a role as a major manufacturing location for the world. How did it achieve this growth and what does it have to offer UK businesses? Its world production share in parts of the toy industry, for example, exceeds 60 per cent. The region boasts the bulk of China’s automotive, petrochemical and electronics powerhouses and marks the genesis of countless complex global supply chains. Following a spate of industrial relocation from 1985 onwards, mostly from Hong Kong, light industry expanded. Shenzhen itself is now China's de facto `Silicon Valley', playing host to major ICT companies including the nationwide ISP, Tencent, and global players such as ZTE and Huawei. LAST NAME. Starting in 1979, Guangdong Province and the SEZs were given greater political and economic autonomy than other jurisdictions in the Chinese Mainland. Let our cash consultants simplify your payables so you can make payments swiftly, efficiently and securely. Its world production share in parts of the toy industry, for example, exceeds 60 per cent. The region's economy is referred to as Pearl River Delta Economic Zone. The development – or urbanization – of the Pearl River Delta began in the 1980s when China created the Pearl River Delta Special Economic Zone to attract foreign investment. The explosive growth the Pearl River Delta has upended the regional balance of power. Add this to your Profile Term Page Advertisement Social Share. The Pearl River Delta Economic Zone accounted for 19.9 percent of GDP and 38.9 percent of total trade in 2005. The Pearl River Delta has the fastest growing economy in China and the world. To balance regional development and alleviate energy pressure, this work explores the embodied energy flows inside and outside of the JJJ, YRD, and PRD economic zones from 2007 to 2012. PRD now known as a hi-tech innovation centre due to its successful transformation from a processing trade manufacturer, “Pearl River Delta National Independent Innovative Demonstration Zone (PRD NIIDZ)” - approved by the State Council in November 2015 as the first and only region-wide NIIDZ, Guangdong has formulated “Intelligent Manufacturing Development Plan: 2015-2025” to develop more innovative and advanced industries. Shanghai is a logisticscenter and mainland China’… For the first ten years of China's economic reform process, the internationalization of the Chinese economy was largely a Pearl River Delta phenomenon, with the export-oriented production of foreign-invested entities based in Shenzhen, Dongguan, and Guangzhou leading the way. The Pearl River Delta Economic Zone is nine times bigger than New York City Hong Kong is situated within the Pearl River Delta in Southern China, also known as the “Greater Bay Area”. Preferential policies in the SEZs included a number of features designed to attract foreign investment, such as a 15 percent tax rate, tax holidays of up to five years, and the ability to repatriate corporate profits and to repatriate capital investments after a contracted period. Would you like Wikipedia to always look as professional and up-to-date? PRD also has some of China's key sea and inland port facilities, one of which, Shenzhen, became the world's third busiest container seaport in 2015, after Shanghai and Singapore. The Pearl River Delta Economic Zone is one of the most developed regions in China. The Pearl River Delta Economic Zone is the most dynamic economic area in South China. As the population and affluence of PRD has expanded so too has the consumer market. The Pearl River Delta Economic Zone (simplified Chinese: 珠江三角洲经济区; traditional Chinese: 珠江三角洲經濟區; pinyin: Zhūjiāng Sānjiǎozhōu Jīngjìqū) (once called 粤江平原), [citation needed] is a special economic zone on the southeastern coast of China. Foreign Direct Investment (FDI) has played a huge part in PRD's development. In the process, a region that was once largely agricultural has emerged as a manufacturing platform of global importance. With a widening sweep of sectors entering the region, industrial clusters such as these have naturally formed in PRD. During that period, the average real rate of GDP growth in the Pearl River Delta Economic Zone exceeded 16 percent, well above the People's Republic of China national figure of 9.8 percent. We have created a browser extension. The PRD is ripe for a variety of UK businesses to explore. It has been the most economically dynamic region of the Chinese Mainland since the launch of China's reform program in 1979. EMAIL. This gave rise to the creation of the Shenzhen Stock Exchange, as well as development of a land lease system and some privatization of housing. It locates at the Pearl River estuary where the river enters the South China Sea. A report by the World Bank described this zone as the largest urban area in the world. In fact, just prior to the handover from the United Kingdom to China, the city’s economic output was equal to a quarter of China’s entire GDP. Add to My List Edit this Entry Rate it: (0.00 / 0 votes) Translation Find a translation for Pearl River Delta Economic Zone in other languages: Select another language: - Select - 简体中文 (Chinese - Simplified) The implementation of Special Economy Zone intended for the city to become a key port city, science and education city, scenic … That's it. Guangdong and in particular the Pearl River Delta has seen phenomenal growth since the late 1970s when Deng Xiaoping implemented his “open door” economic reform policies. Guangzhou is now one of three major automotive manufacturing bases in China. In parallel with this development, the region's tertiary sector has expanded too. The Shenzhen-Hong Kong Stock Connect programme, expected to launch in December 2016, will allow global investors access to this USD3.2trn, tech- and pharma-heavy exchange. It will enhance any encyclopedic page you visit with the magic of the WIKI 2 technology. This process plays a significant impact on the urban environment, particularly river water quality. In 2008, China announced plans to connect the nine key PRD cities of Guangzhou, Shenzhen, Dongguan, Zhaoqing, Foshan, Huizhou, Jiangmen, Zhongshan and Zhuhai into a single `megacity'. Pearl River Delta Economic Zone listed as PRDEZ. In the early days of its industrial development, PRD mostly engaged in the labour-intensive manufacture of consumer goods. For example, the automobile industryhas a good foundation in the region, with Shanghai and all three surrounding provinces contributing to its success. Its geographic coordinates are 112˚00′ - 115˚24′E, 21˚43′ - 23˚56′N (Figure 1). 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Long considered the southern gate to China, the Pearl River Delta was designated as the open door to China through which the country would attract foreign direct investment and make its move towards a more market … From 2000 to 2014, private enterprise exports rose from USD4.1bn to USD222.3bn. In 1988, Guangdong was granted expanded powers to set its own economic direction, and was designated a 'comprehensive economic reform area'. It gave the area a certain degree of autonomy in terms of customs, finance and taxes. The 2008-20 plan, released by China's National Development and Reform Commission, is designed to boost the pan-Pearl River Delta as a "center of advanced manufacturing and modern service industries", and as a "center for international shipping, logistics, trade, conferences and exhibitions and tourism". One of the major problems in the region is the sustainable utilization of the water resources. With a population of 36 million and a GDP of 2,852.9 billion yuan (approximately $419.5 billion), its economy is comparable in size to that of Taiwan. FIRST NAME. Congratulations on this excellent venture⦠what a great idea! Goals include the development of two to three new cities in the Guangdong-Hong Kong-Macao Greater Bay Area, the development of 10 new multinational firms, and expansion of road, rail, seaport and airport capacities by 2020. To install click the Add extension button. The exports from the region are about 40% of the total export in China. It will enhance any encyclopedic page you visit with the magic of the WIKI 2 technology. Progress to this status has been rapid but has been achieved in stages. PRD has one more ace up its sleeve. Cities such as Shenzhen and Guangzhou are among the most affluent in the Chinese Mainland. Provide your customers with a choice of ways to pay - online and in your retail outlet - to help you improve your cash flow, Protect what matters most with business insurance policies and workplace pensions provided by our preferred partners, Benefit from our extensive experience of providing guarantees so you can trade with increased security and reduced risk, Find the guidance you need to help you trade securely and cost-effectively overseas. It is also part of … Not only will it complement the Blue Chip-focused Shanghai-Hong Kong Stock Connect, the new stock-trading link will unlock access to Shenzhen's 1,790 listed companies and a whole wave of opportunity to invest in and develop Chinese technology firms. Dynamic region in the Chinese Mainland, it is increasingly important as a share of GDP is greater Guangdong! The explosive growth the Pearl River Delta Economic Zone - how is Pearl River Delta Economic Zone PRD... 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