Guangdong province’s GDP is projected to surpass a milestone CNY14 trillion for 2024, maintaining its position as the top-ranking province in the country for the 36th consecutive year, Guangdong Governor Wang Weizhong said while delivering his government work report to the annual provincial legislative meeting. It marks the first time that Guangdong, a global manufacturing base, has achieved an import and export volume exceeding CNY9 trillion, demonstrating its resilience and vitality in foreign trade. The province’s import and export volume contributes 38.7% to the country's foreign trade. Guangdong’s efforts in advancing foreign trade, optimizing foreign investment, upgrading service exports, enhancing international economic cooperation, and attracting high-caliber international professionals contributed to the steady progress in the province’s high-quality opening-up in 2024, said the government work report. The province’s strategic focus on optimizing those areas has become central to advancing its high-level opening-up, fostering stable growth in the province’s foreign trade volume and foreign investment utilization.
For 2025, the government work report sets the province’s GDP growth target at around 5%, with plans to implement a more proactive opening-up strategy. This year, Guangdong aims to enhance the quality of foreign trade by supporting enterprises in landing orders and expanding exports of products including electronics, smart home appliances and electric vehicles. It will also work to stabilize the presence of local businesses in Europe, the United States, Japan and South Korea, while exploring markets in ASEAN, the Middle East, Latin America, Central Asia, Africa and South Pacific island nations. The province will also step up efforts to attract foreign investment in sectors such as telecommunications, education, elderly care and healthcare, pledging national treatment for foreign-funded enterprises. Moreover, efforts will be made to enhance the performance and realization of investment projects and support projects in expanding investment and production capacities.
• CNY14 trillion: Guangdong's GDP, ranking top of the country for 36 consecutive years
• 4.2% rise in the added value of industrial enterprises above designated size in Guangdong from 2023
• CNY1+ trillion tourism revenue
• CNY9+ trillion foreign trade, an increase of 9.8% year-on-year
• CNY1.35 trillion general public budget revenue, ranking top in the country
• CNY2+ trillion marine GDP
• CNY510 billion on research and development (R&D), accounting for around 3.6% of the province’s GDP
• 77,000 high-tech businesses operating in Guangdong
• 11.5% rise in investment in technological upgrading
• 300 Guangdong Global Trade promotions held overseas
• 5,500+ professionals from Hong Kong and Macao SARs practicing in Guangdong
• 500,000 buyers from abroad participating in the 135th and 136th Canton Fair
• CNY1.3+ trillion in trade in services
• CNY700+ billion in digital trade
• 19+ million operating entities, ranking top nationwide
• 1,933 investment projects signed during the 2024 Global Investment Promotion Conference for the Guangdong-Hong Kong-Macao Greater Bay Area with a total value of CNY2.26 trillion
This overview is provided by the China Daily.
