Guangdong's 2024 economic performance showcases its remarkable resilience and growth trajectory. With a projected GDP exceeding 14 trillion yuan, record-breaking imports and exports, and a booming manufacturing sector, Guangdong reaffirms its position as a leading economic force in China.
Guangdong 's provincial government work report, delivered by Governor of Guangdong Province on January 15, 2025, at the third session of the 14th Guangdong Provincial People's Congress, projected that the province's Gross Domestic Product ( GDP ) would likely exceed 14 trillion yuan in 2024. This marks the 36th consecutive year Guangdong has held the top spot in China. Furthermore, the province's total imports and exports surged by 9.8% year-on-year to over 9 trillion yuan, setting a new record.
In 2024, the two sessions of the Canton Fair (Spring and Autumn) attracted approximately 500,000 overseas buyers, reaching a new high. Guangzhou and Shenzhen were selected as pilot cities to allow for the establishment of fully foreign-funded hospitals. Amazon Global Selling opened its first innovation center for the Asia-Pacific region in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone in Shenzhen to support the international growth of Chinese e-commerce companies. Thanks to the province's strong industrial development, particularly in the manufacturing sector, 'Made in Guangdong' has made a significant mark on the global market. While the domestic real estate sector underwent a profound adjustment, Guangdong's manufacturing industry maintained steady growth. It effectively filled economic gaps and further strengthened the foundation of the real economy. In 2024, the added value of industrial enterprises above a designated size increased by 4.2% year-on-year, and the industrial sector contributed about 50% to the province's GDP growth. In Guangdong, industry and technology reinforce each other, and new productive forces are emerging with great dynamism. The intensity of investment in research and development (R&D) in the province is about 3.6%. Guangdong is home to around 77,000 high-tech companies and six national manufacturing innovation centers. In terms of a region's comprehensive innovation capacity, the province has ranked first nationwide for eight consecutive years. The Science and Technology Cluster of Shenzhen-Hong Kong-Guangzhou has been ranked second globally for five years. Currently, Guangdong's economic total volume accounts for about one-tenth of the national total, while its industrial scale accounts for roughly one-eighth of the country. The 4.2% increase in the added value of industrial enterprises above the designated size in Guangdong makes a significant contribution to the stability of the country's industrial foundation. In 2024, one out of four new energy vehicles, 2.2 out of five industrial robots, and two out of five smartphones produced in China originated from Guangdong. The scale of Guangdong's foreign trade accounted for more than one-fifth of the national total, contributing nearly 40% to the growth of the country's foreign trade. The province's local general public budget revenue reached 1.35 trillion yuan, ranking first for 34 consecutive years. Guangdong's central government tax revenue was the highest in the country. A total of 1.43 million new jobs were created in urban areas, exceeding the central government's annual target of 1.1 million. In addition, 43.86 million migrant workers remained employed in the province. Guangdong continued to promote and expand industries with characteristic strengths at the county level. On 15 major platforms, around 700 new industrial projects with a total investment of approximately 300 billion yuan were implemented. In 2024, 54 Greater Bay Area (GBA) standards were released and 187 cross-border administrative services frequently needed were introduced. The Shenzhen-Zhongshan Link and the Huangmaohai Sea Crossing Passage were opened to traffic. Moreover, 4.5 million vehicles passed through the Hong Kong-Zhuhai-Macau Bridge heading towards Guangdong. Guangdong, which has held the top spot nationwide for GDP for 36 years, is expected to continue achieving further successes in the future
Guangdong GDP Manufacturing Exports Innovation Technology Shenzhen Hong Kong Greater Bay Area
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