Page 70 - 2023 Special Report on the State of Business in South China
P. 70
ngdong
The economy Market highlights
Guangdong has a total area Guangdong has the largest external facing
of 179,700 km2, economy with its export reaching RMB5.1
with a population of 126.8 million at the end of trillion and accounted for 23.5% of the national
2021. It comprises three special economic zones total in 20217. The foreign investment in actual
(SEZs), Shenzhen, Zhuhai and Shantou. The GDP use registered RMB184 billion and hit its latest
of Guangdong surpassed RMB12.4 trillion (US$1.9 high with an increase of 13.6%8. New business
trillion) in 2021 for the first time and has remained forms like cross-border e-commerce and market
on the first rank for 33 consecutive years among all purchasing have greatly lowered the threshold
provinces/regions in China4. Amid the increasingly for small and medium enterprises (SMEs) to
complicated international environment and conduct international trade and spurred foreign
sporadic local outbreak of Covid-19 pandemic in businesses to expand overseas market in the post-
the first half of 2022, Guangdong has implemented pandemic era. At the same time, Guangdong’s
a package of policy measures to stabilize the service industry was expediting. In 2021,
economy and seen a good momentum of steady enterprises of service industry above a designated
growth, with GDP exceeded RMB5.95 trillion size in Guangdong achieved an annual revenue of
(US$0.9 trillion)5. By 2025, Guangdong aims to RMB4,201.5 billion, up by 18.2% YoY, in which that
achieve a GDP of RMB14 trillion with 5% year- of the strategic emerging service industry rose
on-year (YoY) growth and to accelerate the 9.6% and the high-tech service industry increased
development of the Guangdong-Hong Kong- by 14.9%. Meanwhile, as the south gate of China
Macau Greater Bay Area (GBA), to build a strategic and the starting point of Maritime Silk Road,
forefront for a new pattern of development, to Guangdong has long been one of the most open,
become a high-tech and industrial innovation dynamic and innovative regions in China. In
center with global influence, and to further the recent years, 10 provincial laboratories have been
reform and opening-up6. built in batches in Guangdong. Up to date, it has
30 state key labs, 430 provincial key labs, 21 high-
level innovation institutes, and 20 Guangdong-
Hong Kong-Macau joint labs.
4 Statistics Bureau of Guangdong, http://stats. 7 Statistics Bureau of Guangdong, http://stats.
gd.gov.cn/attachment/0/483/483178/3836135.pdf gd.gov.cn/jckze/content/post_3776074.html
5 Statistics Bureau of Guangdong, https://www. 8 Statistics Bureau of Guangdong, http://stats.
newsgd.com/node_99363c4f3b/1eed5dc040.shtml gd.gov.cn/sjlywz/content/post_3776100.html
6 Highlights of Guangdong 14th Five-Year Plan,
http://www.cnbayarea.org.cn/english/Specials/info-
graphics/content/post_320075.html
70
The economy Market highlights
Guangdong has a total area Guangdong has the largest external facing
of 179,700 km2, economy with its export reaching RMB5.1
with a population of 126.8 million at the end of trillion and accounted for 23.5% of the national
2021. It comprises three special economic zones total in 20217. The foreign investment in actual
(SEZs), Shenzhen, Zhuhai and Shantou. The GDP use registered RMB184 billion and hit its latest
of Guangdong surpassed RMB12.4 trillion (US$1.9 high with an increase of 13.6%8. New business
trillion) in 2021 for the first time and has remained forms like cross-border e-commerce and market
on the first rank for 33 consecutive years among all purchasing have greatly lowered the threshold
provinces/regions in China4. Amid the increasingly for small and medium enterprises (SMEs) to
complicated international environment and conduct international trade and spurred foreign
sporadic local outbreak of Covid-19 pandemic in businesses to expand overseas market in the post-
the first half of 2022, Guangdong has implemented pandemic era. At the same time, Guangdong’s
a package of policy measures to stabilize the service industry was expediting. In 2021,
economy and seen a good momentum of steady enterprises of service industry above a designated
growth, with GDP exceeded RMB5.95 trillion size in Guangdong achieved an annual revenue of
(US$0.9 trillion)5. By 2025, Guangdong aims to RMB4,201.5 billion, up by 18.2% YoY, in which that
achieve a GDP of RMB14 trillion with 5% year- of the strategic emerging service industry rose
on-year (YoY) growth and to accelerate the 9.6% and the high-tech service industry increased
development of the Guangdong-Hong Kong- by 14.9%. Meanwhile, as the south gate of China
Macau Greater Bay Area (GBA), to build a strategic and the starting point of Maritime Silk Road,
forefront for a new pattern of development, to Guangdong has long been one of the most open,
become a high-tech and industrial innovation dynamic and innovative regions in China. In
center with global influence, and to further the recent years, 10 provincial laboratories have been
reform and opening-up6. built in batches in Guangdong. Up to date, it has
30 state key labs, 430 provincial key labs, 21 high-
level innovation institutes, and 20 Guangdong-
Hong Kong-Macau joint labs.
4 Statistics Bureau of Guangdong, http://stats. 7 Statistics Bureau of Guangdong, http://stats.
gd.gov.cn/attachment/0/483/483178/3836135.pdf gd.gov.cn/jckze/content/post_3776074.html
5 Statistics Bureau of Guangdong, https://www. 8 Statistics Bureau of Guangdong, http://stats.
newsgd.com/node_99363c4f3b/1eed5dc040.shtml gd.gov.cn/sjlywz/content/post_3776100.html
6 Highlights of Guangdong 14th Five-Year Plan,
http://www.cnbayarea.org.cn/english/Specials/info-
graphics/content/post_320075.html
70
