Guangdong's Economic Growth Set to Surpass 14 Trillion Yuan

Guangdong's Economic Milestone in 2024

Guangdong Province is on track to solidify its reputation as China's leading provincial economy, with forecasts suggesting its GDP will surpass 14 trillion yuan in 2024. This achievement would mark an extraordinary milestone, continuing a streak of 36 consecutive years at the forefront of national economic output.

Strong Foreign Trade Performance

The region's international trade landscape is also experiencing robust growth, with total imports and exports expected to exceed 9 trillion yuan, an impressive increase of 9.8% year-on-year. This upswing signifies not only Guangdong's resilience but also its strategic importance in global trade.

Canton Fair Draws Global Attention

Guangdong's prominent role in international trade was evident during the Canton Fair, where approximately 500,000 overseas buyers attended. This event highlighted the province's openness and adaptability in the global market, creating ample opportunities for local businesses.

Manufacturing Sector Resilience

Amid fluctuations in the real estate market, Guangdong's manufacturing industry remains strong, exhibiting a year-on-year increase of 4.2% in the added value of major industrial enterprises. This sector's performance alone significantly contributed to the overall economic growth of the province.

Leading Production in New Technologies

The province has emerged as a key player in manufacturing innovative technologies, accounting for one in four new energy vehicles and a staggering 44% of the industrial robots produced in China. Its contribution extends to around 40% of the smartphones manufactured in the country, showcasing Guangdong's pivotal role in technological advancements.

Innovation and Development

Innovation remains the cornerstone of Guangdong's economy, with research and development investments reaching an intensity of 3.6%. The province is home to around 77,000 high-tech enterprises, further solidifying its status as the national leader in innovation capacity for the eighth consecutive year.

International Collaboration and Recognition

The Shenzhen-Hong Kong-Guangzhou scientific and technological cluster has garnered global recognition, ranking second worldwide for the fifth year in a row. This cluster is a testament to Guangdong’s commitment to fostering a collaborative and innovative environment.

Infrastructure and Employment Growth

Key developments in infrastructure, including the Shenzhen-Zhongshan Link and the Huangmaohai Sea-Crossing Passage, exemplify the province’s strategic planning and execution. The introduction of 187 cross-boundary administrative services and 54 Greater Bay Area standards enhances connectivity and further integrates the regional economy.

Urban Employment Improvement

In terms of employment, Guangdong surpassed expectations by creating 1.43 million new jobs in 2024, demonstrating its commitment to maintaining a vibrant labor market. This steady job creation plays a vital role in supporting economic growth and stability in the province.

Conclusion: Guangdong’s Integral Role in China's Economy

With a profound impact on economic growth, trade, and innovation in China, Guangdong Province stands as a crucial player in the national landscape. Its commitment to fostering a robust economy, coupled with its focus on innovation and infrastructure development, ensures that Guangdong will continue to thrive and lead as a central economic hub in the upcoming years.

Frequently Asked Questions

What is Guangdong's projected GDP in 2024?

Guangdong's GDP is expected to exceed 14 trillion yuan in 2024.

How does Guangdong's foreign trade performance look?

Total imports and exports are anticipated to surpass 9 trillion yuan, representing a year-on-year increase of 9.8%.

What role does the manufacturing sector play in Guangdong's economy?

The manufacturing industry contributed significantly to economic growth, with a 4.2% increase in added value from major industrial enterprises.

What is the status of innovation in Guangdong?

Guangdong has 77,000 high-tech enterprises and leads China in research and development investment intensity.

How is employment in Guangdong progressing?

The province created 1.43 million new jobs in 2024, exceeding employment expectations.

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