Southern China's Guangdong province has cemented its position as the country's largest provincial economy for the 28th consecutive year, with a gross domestic product (GDP) exceeding 7.9 trillion RMB ($1.15 trillion) in 2016.

Guangdong's economy ranked 15th in the world in 2016, coming just after Spain's GDP of $1.25 trillion. Maintaining an average 13.7 percent growth rate from 1978 to 2008, Guangdong's economy surpassed that of Singapore, Hong Kong and Taiwan in 1998, 2003 and 2007, respectively, data showed.

If singled out, the GDPs of a number of Chinese provinces could compete with those of some foreign countries. A 2014 report by Korea Daily quoted a Korean entrepreneur as saying that as early as 2013, Guangdong became the first Chinese province to register a GDP of over $1 trillion. Already larger than many independent economies around the globe, economic performance on the level of Guangdong's is generally seen only in developed countries like the U.S., the article noted.

In 2016, the GDP per capita of Shenzhen, Foshan, Dongguan, Zhongshan, Huizhou and other cities in Guangdong province also exceeded those of major cities like Hong Kong, Amsterdam and Las Vegas.

Last year, nine Chinese provinces registered GDPs above 3 trillion RMB ($436 billion). Jiangsu, which came second on the list, matched the GDP of Mexico, while Shandong pulled even with that of Indonesia; both Mexico and Indonesia rank among the top 20 biggest economies in the world. Henan, with the fifth largest economy in China, beat Argentina, the 21st largest economy in the world.