Page 116 - 2025 Special Report

Guangdong

The economy in fortifying the resilience and security standards

of its industrial and supply chains and will focus
the south gate of China and the starting on developing industries of the future such as 6G,
As point of Maritime Silk Road, Guangdong quantum technology, life sciences and humanoid
has long been one of the most open, dynamic robots. It also aims to become an innovation hub
and innovative regions in China. The province has for general AI industries.
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a total area of 179,606 km , with a population of
127.1 million at the end of 2023. It comprises three
special economic zones (SEZs), Shenzhen, Zhuhai Market highlights
and Shantou. The GDP of Guangdong surpassed
RMB13.6 trillion (US$1.9 trillion) in 2023 and has Despite various headwinds, Guangdong’s
become the first province to surpass RMB13 trillion foreign trade maintained strong momentum in
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GDP . As a manufacturing heartland and leading 2023, reaching a record high of RMB8.3 trillion, an
foreign trade player in the country, Guangdong increase of 0.3% over 2022 . Combined exports
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accounted for about one-tenth of China’s total of electric vehicles (EVs), lithium-ion batteries and
GDP. Due to the continuing slowdown in the real solar cells, now widely known as the “new three”
estate industry, Guangdong saw modest recovery products, jumped 33.7% YoY . In H1 2024, the total
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with GDP up 3.9% year-on-year (YoY) in H1 2024, foreign trade reached a record high of RMB4.37
falling to match the national 5% average growth trillion, an increase of 13.8% YoY . Hong Kong, the
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rate. However, industrial segment continued to US and EU are some of the province’s traditional
see strong performance, with 6% YoY growth in export markets, together accounting for roughly
H1, contributing to over 50% of the province’s GDP 50% of the total export. However, in recent years,
growth. The production of electronic components, ASEAN and other emerging economies are gaining
integrated circuits, notebook computers and LCD more market share given the manufacturing
displays increased by over 20%, while mobile supply chain restructuring.
phone production rose by 13.5% .
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In May 2024, Guangdong introduced a package
In recent years, Guangdong’s enterprises of 24 integrated measures in five foreign-related
have been a major player in Chinese mainland’s fields (foreign trade, foreign investment, foreign
overseas direct investment (ODI). The province’s outsourcing, foreign economic cooperation and
non-financial ODI rebounded in 2023, rising 8% overseas talent attraction) to further promote
YoY to reach US$23.8 billion. Energy, transport high-level opening up in a new era . The province
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and technology continued to the main driver of will also further promote the development of cross-
the growth. border e-commerce and build 20 parks featuring
“industrial clusters + cross-border e-commerce”,
In the pursuit of cultivating new quality as well as support and strengthen market entities
productive forces, Guangdong remains steadfast
9 Statistics Bureau of Guangdong, http://www.gd.gov.
6 Statistics Bureau of Guangdong, http://www.gd.gov. cn/zwgk/sjfb/mssj/wm/content/post_4356480.html
cn/gdywdt/bmdt/content/post_4084772.html 10 Shenzhen daily, https://www.sz.gov.cn/en_szgov/
7 Caixin, https://www.caixinglobal.com/2024-07-25/ news/latest/content/post_11147949.html
guangdong-fails-to-match-national-gdp-growth-levels- 11 Xinhua, http://english.scio.gov.cn/press-
as-real-estate-slump-bites-102219554.html room/2024-07/18/content_117317281.htm
8 Zhonghongwang, h ttps://www.zhonghongwang. 12 Government site of Guangdong, http://www.
com/show-436-339427-1.html gd.gov.cn/hdjl/hygq/content/post_4420940.html

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