Guangdong’s 2024 GDP Exceeds 14 Trillion Yuan “`

5147d119916059c483a5fbd60b981f51 1 Guangdong's GDP estimated to surpass 14 trillion yuan in 2024

GUANGZHOU, China, Jan. 17, 2025 — Guangdong province’s governor reported at the Third Session of the 14th Guangdong Provincial People’s Congress on January 15, 2025 that the province’s GDP is projected to exceed 14 trillion yuan in 2024. This marks the 36th consecutive year Guangdong has held the top spot in China’s GDP rankings. Total imports and exports grew by 9.8% year-on-year, surpassing 9 trillion yuan, establishing a new record.

The Guangdong-Macao In-depth Cooperation Zone in Hengqin, a new hub for Guangdong to promote the development of the Guangdong-Hong Kong-Macao Greater Bay Area

The spring and autumn Canton Fairs in 2024 attracted approximately 500,000 international buyers, a record number. Guangzhou and Shenzhen have been designated pilot cities for fully foreign-owned hospitals. Amazon Global Selling launched its first Asia-Pacific innovation center in Shenzhen’s Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, aiming to facilitate global expansion for Chinese e-commerce businesses.

Robust industrial growth, particularly in manufacturing, propelled “Made in Guangdong” products to global prominence. Despite the domestic real estate sector’s adjustments, Guangdong’s manufacturing sector maintained steady growth, mitigating the economic impact and strengthening the real economy. In 2024, the added value of designated industrial enterprises in Guangdong increased by 4.2% year-on-year, contributing approximately 50% of the province’s GDP growth.

In Guangdong, industry and technology are mutually reinforcing, fostering vibrant new productive forces. Research and development investment intensity is approximately 3.6%, supporting around 77,000 high-tech enterprises and six national manufacturing innovation centers. Guangdong has led the nation in regional innovation capacity for eight consecutive years, and the Shenzhen–Hong KongGuangzhou science and technology cluster has held a global top-two ranking for five years.

Guangdong’s economic output currently accounts for roughly one-tenth of the national total, and its industrial scale represents about one-eighth of the national total. The 4.2% year-on-year increase in the added value of designated industrial enterprises in Guangdong significantly bolstered national industrial stability. In 2024, Guangdong produced one in four new energy vehicles, 2.2 out of every five industrial robots, and two out of every five smartphones manufactured in China. Guangdong’s foreign trade volume exceeded one-fifth of the national total, contributing almost 40% of the nation’s foreign trade growth. Local general public budget revenue reached 1.35 trillion yuan, leading the nation for 34 consecutive years. Guangdong generated the highest central-level tax revenue nationwide. Urban areas in Guangdong created 1.43 million new jobs, surpassing the central government’s target of 1.1 million, while 43.86 million out-of-province workers maintained stable employment. Furthermore, Guangdong continued to develop distinctive county-level industries; 15 key platforms facilitated around 700 new industrial transfer projects with a total investment of approximately 300 billion yuan.

In 2024, 54 Greater Bay Area (GBA) Standards were published, and 187 frequently used cross-border administrative services were launched. The Shenzhen–Zhongshan Link and the Huangmaohai Sea-Crossing Passage opened. 4.5 million vehicles entered Guangdong via the Hong Kong-Zhuhai-Macao Bridge Port.

Guangdong, maintaining its top national GDP ranking for 36 consecutive years, is poised for continued future success.

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