The southern city of seven million has reported a 14.4 per cent rise in gross domestic product (GDP) of 623.6 billion yuan (US$80 billion) for last year, Xinhua News Agency said Thursday.

"The breakthrough in GDP per capita indicates that Guangzhou has become China's first developed city by World Bank standards," said Peng Peng, a researcher with the Guangzhou Academy of Social Sciences, was quoted as saying.

The city's growth was on the back of automobile, petrochemical, electronics and communications equipment industries, according to Bernama. 

Guangzhou mayor, Zhang Guangning, said the city would hold growth at 12 per cent in keeping with the national shift from GDP expansion to achieving balanced and sustainable development.