Page 106 - 2024 Special Report on the State of Business in South China
P. 106
Guangdong
The economy Market highlights
Guangdong has a total area Despite various headwinds, Guangdong’s
of 179,606 km2, foreign trade in 2022 hit new record, with
with a population of 126.6 million at the end of total value registered RMB8.31 trillion, an
2022. It comprises three special economic zones increase of 0.5% over 20217. To optimize its
(SEZs), Shenzhen, Zhuhai and Shantou. The GDP business environment and stabilize the scale
of Guangdong surpassed RMB12.9 trillion (US$1.9 of trade, Guangdong released 20 measures8 in
trillion) in 2022 and has remained on the first rank August 2023 to enlarge the coverage of logistics
for 34 consecutive years among all provinces/ integration to improve customs clearance
regions in China4. In H1 2023, Guangdong saw efficiency and shorten the quarantine and
full recovery with GDP up 5% year-on-year (YoY), approval process of special scientific research
reaching RMB6.29 trillion (US$ 0.9 trillion)5. By items. Aiming to serve innovative foreign trade,
2025, Guangdong aims to achieve a GDP of RMB14 measures targeting cross-customs returns for
trillion with 5% year-on-year (YoY) growth and to cross-border e-commerce retail transactions
accelerate the development of the Guangdong- will be implemented, while the expansion of
Hong Kong-Macau Greater Bay Area (GBA), to the exports of new-energy vehicles and energy
build a strategic forefront for a new pattern of storage products will be supported.
development, to become a high-tech and industrial
innovation center with global influence, and to Guangdong has introduced a series of new
further the reform and opening-up6. supportive measures to help attract and use
foreign investment in 20 strategic industries,
4 Statistics Bureau of Guangdong, http://www. including the new generation of electronic
gd.gov.cn/gdywdt/bmdt/content/post_4084772.html information, green petrochemicals, advanced
5 Statistics Bureau of Guangdong, http://www. materials, semiconductors and high-end
gd.gov.cn/zwgk/sjfb/sjkx/content/post_4220668.html equipment manufacturing sectors. The foreign
6 Highlights of Guangdong 14th Five-Year Plan, investment in actual use achieved RMB180 billion
http://www.cnbayarea.org.cn/english/Specials/info- (US$26.8 billion)9 in 2022, and maintained stable
graphics/content/post_320075.html recovery in 2023.
Service industry is recovering with
technology acceleration. In 2022, enterprises
of service industry above a designated size in
Guangdong achieved an annual revenue of
RMB4,470.7 billion, up by 2.1% YoY, in which that
of the strategic emerging service industry rose
7 Statistics Bureau of Guangdong, http://
www.gd.gov.cn/gdywdt/zwzt/zqsk/ywsd/content/
post_4084115.html
8 General Administration of Customs of
Guangdong, http://gdfs.customs.gov.cn/guangdong_
sub/3197658/3197661/5246988/index.html
9 Statistics Bureau of Guangdong, http://stats.
gd.gov.cn/gdtjnj/content/post_4035145.html
106
The economy Market highlights
Guangdong has a total area Despite various headwinds, Guangdong’s
of 179,606 km2, foreign trade in 2022 hit new record, with
with a population of 126.6 million at the end of total value registered RMB8.31 trillion, an
2022. It comprises three special economic zones increase of 0.5% over 20217. To optimize its
(SEZs), Shenzhen, Zhuhai and Shantou. The GDP business environment and stabilize the scale
of Guangdong surpassed RMB12.9 trillion (US$1.9 of trade, Guangdong released 20 measures8 in
trillion) in 2022 and has remained on the first rank August 2023 to enlarge the coverage of logistics
for 34 consecutive years among all provinces/ integration to improve customs clearance
regions in China4. In H1 2023, Guangdong saw efficiency and shorten the quarantine and
full recovery with GDP up 5% year-on-year (YoY), approval process of special scientific research
reaching RMB6.29 trillion (US$ 0.9 trillion)5. By items. Aiming to serve innovative foreign trade,
2025, Guangdong aims to achieve a GDP of RMB14 measures targeting cross-customs returns for
trillion with 5% year-on-year (YoY) growth and to cross-border e-commerce retail transactions
accelerate the development of the Guangdong- will be implemented, while the expansion of
Hong Kong-Macau Greater Bay Area (GBA), to the exports of new-energy vehicles and energy
build a strategic forefront for a new pattern of storage products will be supported.
development, to become a high-tech and industrial
innovation center with global influence, and to Guangdong has introduced a series of new
further the reform and opening-up6. supportive measures to help attract and use
foreign investment in 20 strategic industries,
4 Statistics Bureau of Guangdong, http://www. including the new generation of electronic
gd.gov.cn/gdywdt/bmdt/content/post_4084772.html information, green petrochemicals, advanced
5 Statistics Bureau of Guangdong, http://www. materials, semiconductors and high-end
gd.gov.cn/zwgk/sjfb/sjkx/content/post_4220668.html equipment manufacturing sectors. The foreign
6 Highlights of Guangdong 14th Five-Year Plan, investment in actual use achieved RMB180 billion
http://www.cnbayarea.org.cn/english/Specials/info- (US$26.8 billion)9 in 2022, and maintained stable
graphics/content/post_320075.html recovery in 2023.
Service industry is recovering with
technology acceleration. In 2022, enterprises
of service industry above a designated size in
Guangdong achieved an annual revenue of
RMB4,470.7 billion, up by 2.1% YoY, in which that
of the strategic emerging service industry rose
7 Statistics Bureau of Guangdong, http://
www.gd.gov.cn/gdywdt/zwzt/zqsk/ywsd/content/
post_4084115.html
8 General Administration of Customs of
Guangdong, http://gdfs.customs.gov.cn/guangdong_
sub/3197658/3197661/5246988/index.html
9 Statistics Bureau of Guangdong, http://stats.
gd.gov.cn/gdtjnj/content/post_4035145.html
106
