But today, the country's main manufacturing base hopes to realise its second 'industrial transformation' by learning from and deepening cooperation with Singapore, Guangdong party secretary Wang Yang said yesterday.

'We hope to learn from the experience you gained through your own transformation,' Mr Wang told a visiting Singapore business delegation led by Senior Minister of State for Education and Information, Communications and the Arts Lui Tuck Yew.

In return, Guangdong, with its business-friendly environment and population of some 500million people, can offer Singapore a 'vast market' and 'a wide range of opportunities', Mr Wang said in his 40-minute exchange with Rear-Admiral (NS) Lui on the first of the delegation's five-day visit.

Representatives from 37 Singapore firms, including big players from the logistics, infrastructure and real estate sectors, were also present. International Enterprise Singapore, which organised the visit, said it was a 'key follow-up' on Mr Wang's visit to Singapore last year.

While he acknowledged that the global slump had affected Guangdong, Mr Wang said 'now is the best time for both sides to enhance cooperation as business costs are at their lowest'.

The southern province, which produces nearly a third of China's exports and accounts for about 12per cent of its economic output, has been hit hard by falling demand. Millions of migrant workers are out of work, while thousands of factories have closed.

Its gross domestic product growth fell from 14.7per cent in 2007 to 10.1per cent last year, while its export growth tumbled from 22.3per cent to 9.4per cent. Guangdong is aiming for 8.5per cent growth this year.

China's top economic planning agency recently released an ambitious 12-year plan to move export-dependent Guangdong's industries up the value chain and shift the province's focus to high-end manufacturing, high technology, modern services and finance.

Read the full story in Tuesday's edition of the Straits Times.