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PTH notable accomplishments the city’s universities
in bioscience and finance had driven advanced
(US$1.9 trillion) in 2022, according to official figures, a manufacturing across the border.
value that is above the gross domestic product (GDP)
of other powerful economies such as South Korea, Witman Hung Wai-man, principal liaison officer
Canada or Russia. for Hong Kong at the Shenzhen Qianhai Authority,
agreed that Hong Kong still had an important role to
For many years the Guangdong province has been play in fundraising by mainland businesses, due to
ranked at the top in China. However, due in part to the city’s consolidated financial sector. He pointed
the measures imposed in reaction to the pandemic, out some measures drawn up by Hong Kong and
the region failed to achieve its growth target of 5.5% Shenzhen authorities in September, allowing start-
in 2022 and it also grew below the national average, ups in Guangdong to more easily access venture
which was 3%. capital through the Qianhai region in Shenzhen
and Hong Kong.
High-quality development is the
only solution for Guangdong Future prospects of Guangdong
On this matter, other voices have made themselves In the past three years, due to the pandemic, China
heard concerning solutions to the issue. Peng Peng, has been in a difficult situation and economic
executive chairman of the Guangdong Society of growth has been below expectations. However, since
Reform, a think tank affiliated with the regional the government decided to pursue a more relaxed
government, called out the need for Guangdong stance on the pandemic, business and the economy,
to be at the forefront of the development value in general, seem to be booming again.
chain, considering its status as the leading provincial
economy in China. In fact, the International Monetary Fund (IMF) raised
its estimate for China’s GDP growth this year to
Mentioning the fact that Guangdong‘s economy is 5.2 percent from a 4.4 percent projection made in
open, he called out for modernization within the October, citing a faster-than-expected recovery.
Greater Bay Area and to make sure that the business
model of the region moves from manufacturing- The expected rebound will moderate in 2024
based to innovation based. however, with the pace of expansion slowing to 4.5
percent before settling at under 4 percent over the
He then also commented on the fact that the medium term amid shrinking business dynamism
manufacturing industry is the cornerstone and slow progress on structural reforms, the IMF
of Guangdong’s economic growth and development said in its latest quarterly update to the World
and that it should consolidate its status as a world Economic Outlook (WEO) released Monday.
factory by upgrading its industrial structure and
promoting digital transformation., something that Naturally, Guangdong aims at pursuing and going
the region and the central government have been beyond this growth, and in fact, according to state
focusing on too. Digital transformation to modernize media, officials from more than 20 Guangdong cities
and diversify the economy. pledged to expand economic activity significantly
this year, with party officials from both Guangzhou
The role of Hong Kong in and Zhuhai vowing to grow GDP in those centers by
Guangdong’s high-quality transition six percent in 2023.
To help solve this matter, Hong Kong will also be an Only time will tell if this growth will also be coupled
important piece, as defended by Billy Mak Sui-Choi, with measures that will enable growth based on
an economist at Hong Kong Baptist University, who High-quality development and if China will continue
stated that Hong Kong had a role to play in helping to dominate the manufacturing landscape.
Guangdong move up the value chain, saying the
5 AMCHAM SOUTH CHINA
in bioscience and finance had driven advanced
(US$1.9 trillion) in 2022, according to official figures, a manufacturing across the border.
value that is above the gross domestic product (GDP)
of other powerful economies such as South Korea, Witman Hung Wai-man, principal liaison officer
Canada or Russia. for Hong Kong at the Shenzhen Qianhai Authority,
agreed that Hong Kong still had an important role to
For many years the Guangdong province has been play in fundraising by mainland businesses, due to
ranked at the top in China. However, due in part to the city’s consolidated financial sector. He pointed
the measures imposed in reaction to the pandemic, out some measures drawn up by Hong Kong and
the region failed to achieve its growth target of 5.5% Shenzhen authorities in September, allowing start-
in 2022 and it also grew below the national average, ups in Guangdong to more easily access venture
which was 3%. capital through the Qianhai region in Shenzhen
and Hong Kong.
High-quality development is the
only solution for Guangdong Future prospects of Guangdong
On this matter, other voices have made themselves In the past three years, due to the pandemic, China
heard concerning solutions to the issue. Peng Peng, has been in a difficult situation and economic
executive chairman of the Guangdong Society of growth has been below expectations. However, since
Reform, a think tank affiliated with the regional the government decided to pursue a more relaxed
government, called out the need for Guangdong stance on the pandemic, business and the economy,
to be at the forefront of the development value in general, seem to be booming again.
chain, considering its status as the leading provincial
economy in China. In fact, the International Monetary Fund (IMF) raised
its estimate for China’s GDP growth this year to
Mentioning the fact that Guangdong‘s economy is 5.2 percent from a 4.4 percent projection made in
open, he called out for modernization within the October, citing a faster-than-expected recovery.
Greater Bay Area and to make sure that the business
model of the region moves from manufacturing- The expected rebound will moderate in 2024
based to innovation based. however, with the pace of expansion slowing to 4.5
percent before settling at under 4 percent over the
He then also commented on the fact that the medium term amid shrinking business dynamism
manufacturing industry is the cornerstone and slow progress on structural reforms, the IMF
of Guangdong’s economic growth and development said in its latest quarterly update to the World
and that it should consolidate its status as a world Economic Outlook (WEO) released Monday.
factory by upgrading its industrial structure and
promoting digital transformation., something that Naturally, Guangdong aims at pursuing and going
the region and the central government have been beyond this growth, and in fact, according to state
focusing on too. Digital transformation to modernize media, officials from more than 20 Guangdong cities
and diversify the economy. pledged to expand economic activity significantly
this year, with party officials from both Guangzhou
The role of Hong Kong in and Zhuhai vowing to grow GDP in those centers by
Guangdong’s high-quality transition six percent in 2023.
To help solve this matter, Hong Kong will also be an Only time will tell if this growth will also be coupled
important piece, as defended by Billy Mak Sui-Choi, with measures that will enable growth based on
an economist at Hong Kong Baptist University, who High-quality development and if China will continue
stated that Hong Kong had a role to play in helping to dominate the manufacturing landscape.
Guangdong move up the value chain, saying the
5 AMCHAM SOUTH CHINA
