Guangdong’s GDP is expected to hit the CNY14 trillion (~US$1.9 trillion) mark in 2024, securing its position as Mainland China’s top-ranking province for the 36th year in a row.
The province’s economic performance was lifted by notable boosts in foreign trade and business activity, among other areas.
Import and export volumes, a key growth engine in Mainland China’s manufacturing heartland, expanded by 9.8% last year to surpass CNY9 trillion. This surge was driven in part by cross-border e-commerce as well as increased exports of high-tech products, such as automobiles, home appliances and smart devices.
The South China province also benefited from heightened commercial activity, with a net increase of almost 980,000 business entities in 2024, bringing the total to over 19 million.
High-tech industries also experienced significant gains. Output was up across a number of sectors, rising by 43% for new energy vehicles, by 31% for industrial robots, 12.5% for smartphones and 21% for integrated circuits.
Guangdong’s R&D expenditure was estimated at CNY510 billion in 2024, confirming the central role of innovation in the province’s development strategy.
"Faced with the significant challenge of climbing towards high-quality development, we remain steadfast and optimise our industrial structures by promoting the mutual reinforcement of industry and technology," said Wang Weizhong, Guangdong’s Governor.
Mr Wang also outlined Guangdong’s development priorities for 2025. These include expanding domestic demand by unlocking consumer spending and investment potential, consolidating the strengths of traditional manufacturing, while fostering new quality productive forces, enhancing technological innovation and building a higher-standard open economy.
The province is targeting around 5% GDP growth in 2025.
“The province's economy remains grounded on a solid foundation, supported by a robust structure, vibrant dynamism and vast potential,” Mr Wang said, adding that the long-term trends supporting Guangdong’s development remain unchanged.