In 2024, a year marked by rising protectionism and "decoupling" attempts in the world economic arena, the Chinese economy has experienced a resilient growth trajectory in the year, with a strong start followed by increasing downward pressure around mid-year and a subsequent upswing in the final quarter.
That is also the developing trend in Guangdong, a powerhouse of China and a pioneer of the reform and opening up. GDToday reviews the province's development through Data Explorer.
1. Achievements and connectivity in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA)
2024 marks the fifth anniversary of the release of the development plan for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). With less than 0.6% of the national area, the GBA contributed to 1/9 of China's GDP, while spending about 460 billion RMB in R&D to develop cutting-edge technologies and products, accounting for 3.39% of the regional GDP.
In terms of development, the GBA has seen deeper integration both in mechanisms, business and transport infrastructure. In business and people-to-people connectivity, Guangdong has become the 1st choice for Hong Kong and Macao enterprises to invest, with 26,000 Hong Kong and Macao enterprises settled down in the province.
In terms of traffic infrastructure connectivity, the 24-kilometer cross-sea Shenzhen-Zhongshan Link was officially opened to traffic in June 2024, cutting the travel time between Shenzhen and Zhongshan from 2 hours to 30 minutes.
This year marks the 25th anniversary of Macao's return to the motherland and the 3rd anniversary of the Guangdong-Macao In-depth Cooperation Zone in Hengqin. This March, Hengqin started a new customs operation on Friday that allows most goods to be moved there tax-free from the neighboring Macao SAR.
Hengqin serves as a platform to support Macao's moderate economic diversification. During the past 3 years, achievements have been made through integrating Macao and Hengqin and exploring more docking measures between the Chinese mainland and Macao.
2. Combination of sci-tech innovation and industrial development
Guangdong in South China held its provincial high-quality development conference in Shenzhen on February 18, 2024, the first working day after the Chinese New Year holiday, emphasizing the combination of sci-tech innovation and industrial development. Low-attitude economy and EVs are two highlights of development in this field in the year under review.
3. Energetic foreign business
In the past 9 years, Guangdong FTZ witnessed a significant rise in the volume of foreign trade (imports and exports), from 104.7 billion to 580 billion RMB, with a 29% year-on-year increase.
Guangdong, together with Hong Kong and Macao SARs, holds annual Global Investment Promotion Conference for the GBA. It has become a key platform for spreading GBA's advanced business environment and attracting more foreign investment.
The Canton Fair, hailed as the barometer of China's foreign trade, recorded a historic high in overseas buyer attendance at its 136th session in the year.
The continuous expansion of the Canton Fair reflects the growth and strength of China's foreign trade. It demonstrates China's unwavering determination to open wider to the outside world, providing new opportunities for the world with the country's latest development and contributing to the development of an open global economy.
4. Exploring development potentials
In 2024, endless efforts have been made to explore further development potentials in Guangdong. The province has put attentions to rural areas in the eastern, western, and northern parts, trying to gain more impetus for its economic and social development and increase people's incomes. Efforts have also been made to develop blue economy and introduce technologies to the agriculture sector.
Reporter | Hu Nan, Guo Chuhua
Posters | Lai Meiya, Cai Junru
Editors | Ouyang Yan, James, Shen He
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