Page 72 - 2022 Special Report on the State of Business in South China
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ngdong
The Economy Market Highlights
Guangdong has a total area Guangdong has the largest external facing
of 179,700 economy with its export reached RMB4.4 trillion
square kilometers, with population of 126.1m at and accounted for 24.3% of the national total in
the end of 20206. It comprises two SEZs, Shenzhen 202010. It also stands out for high utilization of
and Zhuhai. The GDP of Guangdong surpassed FDI. By the year of 2020, foreign investment in
RMB11 trillion (US$1.7 trillion) in 2020 for the first Guangdong has reached RMB162.1 billion with
time and has kept the 1st rank for 32 consecutive 6.5% YoY growth. At the same time, Guangdong’s
years among all provinces/regions in China7. service industry was expediting, it contributed
Thanks to the effective prevention and control 59.9% of the GDP growth, and financial sector, real
of COVID-19, Guangdong’s economy remained a estate, modern service, and production service all
steady and auspicious development in the first have achieved optimistic growth by value-added11.
half of 2021, with a 13% year-on-year (YoY) leap Meanwhile, Guangdong is also moving upward
and a 5% two-year average growth8, backed by the production chain to become a high-tech
stable production, robust manufacturing industry, innovation center. Computer, communication
upturn of service industry, continuous increase and electronic equipment, electrical machineries
in import and export trade, and new economy and equipment took the top three industries
development. By 2025, Guangdong aims to achieve by value-added in 2020 and many indigenous
GDP of RMB14 trillion with 5% YoY growth and to enterprises have also developed a strong brand
accelerate the development of the Guangdong- name, such as Huawei, Tencent, BYD, Midea and
Hong Kong-Macao Greater Bay Area (GBA), to Gree. In the first half of 2021, the province’s foreign
build a strategic forefront for a new pattern of investment reached RMB99.2 billion with a 20.6%
development, to become a high-tech and industrial YoY leap and an 8.8% two-year average growth12.
innovation center with global influence, and to Investment continued to flow to the service and
further the reform and opening-up9. high-tech sectors, including digital technology,
health care, smart manufacturing, etc.
6 Government site and Statistics Bureau of 10 Statistics Bureau of Guangdong, http://stats.
Guangdong, http://www.gd.gov.cn/, http://stats.gd.gov. gd.gov.cn/jckze/content/post_3183692.html
cn/ 11 Statistics Bureau of Guangdong, http://stats.
7 Statistics Bureau of Guangdong, http://stats. gd.gov.cn/tjgb/content/post_3232254.html
gd.gov.cn/tjgb/content/post_3232254.html 12 Department of commerce of Guang-
8 Southcn.com, https://www.newsgd.com/ dong, http://com.gd.gov.cn/zwgk/tjxx/sjs/content/
node_5c070fdd03/5819a2b40d.shtml post_3491555.html
9 Highlights of Guangdong 14th Five-Year Plan,
http://www.cnbayarea.org.cn/english/Specials/info-
graphics/content/post_320075.html
72
The Economy Market Highlights
Guangdong has a total area Guangdong has the largest external facing
of 179,700 economy with its export reached RMB4.4 trillion
square kilometers, with population of 126.1m at and accounted for 24.3% of the national total in
the end of 20206. It comprises two SEZs, Shenzhen 202010. It also stands out for high utilization of
and Zhuhai. The GDP of Guangdong surpassed FDI. By the year of 2020, foreign investment in
RMB11 trillion (US$1.7 trillion) in 2020 for the first Guangdong has reached RMB162.1 billion with
time and has kept the 1st rank for 32 consecutive 6.5% YoY growth. At the same time, Guangdong’s
years among all provinces/regions in China7. service industry was expediting, it contributed
Thanks to the effective prevention and control 59.9% of the GDP growth, and financial sector, real
of COVID-19, Guangdong’s economy remained a estate, modern service, and production service all
steady and auspicious development in the first have achieved optimistic growth by value-added11.
half of 2021, with a 13% year-on-year (YoY) leap Meanwhile, Guangdong is also moving upward
and a 5% two-year average growth8, backed by the production chain to become a high-tech
stable production, robust manufacturing industry, innovation center. Computer, communication
upturn of service industry, continuous increase and electronic equipment, electrical machineries
in import and export trade, and new economy and equipment took the top three industries
development. By 2025, Guangdong aims to achieve by value-added in 2020 and many indigenous
GDP of RMB14 trillion with 5% YoY growth and to enterprises have also developed a strong brand
accelerate the development of the Guangdong- name, such as Huawei, Tencent, BYD, Midea and
Hong Kong-Macao Greater Bay Area (GBA), to Gree. In the first half of 2021, the province’s foreign
build a strategic forefront for a new pattern of investment reached RMB99.2 billion with a 20.6%
development, to become a high-tech and industrial YoY leap and an 8.8% two-year average growth12.
innovation center with global influence, and to Investment continued to flow to the service and
further the reform and opening-up9. high-tech sectors, including digital technology,
health care, smart manufacturing, etc.
6 Government site and Statistics Bureau of 10 Statistics Bureau of Guangdong, http://stats.
Guangdong, http://www.gd.gov.cn/, http://stats.gd.gov. gd.gov.cn/jckze/content/post_3183692.html
cn/ 11 Statistics Bureau of Guangdong, http://stats.
7 Statistics Bureau of Guangdong, http://stats. gd.gov.cn/tjgb/content/post_3232254.html
gd.gov.cn/tjgb/content/post_3232254.html 12 Department of commerce of Guang-
8 Southcn.com, https://www.newsgd.com/ dong, http://com.gd.gov.cn/zwgk/tjxx/sjs/content/
node_5c070fdd03/5819a2b40d.shtml post_3491555.html
9 Highlights of Guangdong 14th Five-Year Plan,
http://www.cnbayarea.org.cn/english/Specials/info-
graphics/content/post_320075.html
72
