BUSINESS & China - Guangdong's GDP Estimated to Exceed the 14 Trillion Yuan in 2024

The Guangdong-Macao In-depth Cooperation Zone in Hengqin, a new hub for Guangdong to promote the development of the Guangdong-Hong Kong-Macao Greater Bay Area - (Photo: Business Wire)

Guangzhou and Shenzhen became pilot cities for wholly foreign-owned hospitals, while Amazon Global Selling launched its first Asia-Pacific innovation center in Shenzhen to support Chinese e-commerce businesses expanding globally

GUANGZHOU, China -- (BUSINESS WIRE)

Monday February 24, 2025

Guangdong Province is expected to maintain its leading position as China's top provincial economy in 2024, with its GDP estimated to surpass 14 trillion yuan, according to the Guangdong Provincial People's Congress report on January 15, 2025. This milestone marks the 36th consecutive year Guangdong has ranked first in national economic output. Foreign trade also reached a new high, with total imports and exports growing 9.8% year-on-year to exceed 9 trillion yuan.

The province hosted record-breaking international engagement at the Canton Fair, attracting around 500,000 overseas buyers. Guangzhou and Shenzhen became pilot cities for wholly foreign-owned hospitals, while Amazon Global Selling launched its first Asia-Pacific innovation center in Shenzhen to support Chinese e-commerce businesses expanding globally. Guangdong's robust manufacturing industry countered the slowdown in the real estate sector, maintaining steady growth. The added value of industrial enterprises above the designated size increased by 4.2% year-on-year, contributing roughly half of the province's GDP growth. The province played a significant role in national production, contributing one in four new energy vehicles, 44% of industrial robots, and 40% of smartphones manufactured in China.

Innovation continues to drive Guangdong's economy, with research and development investment intensity at 3.6% and 77,000 high-tech enterprises operating in the province. It remains the national leader in regional innovation capacity for the eighth consecutive year, while the Shenzhen-Hong Kong-Guangzhou science and technology cluster ranked second globally for the fifth consecutive year.

Guangdong also leads in trade, contributing over one-fifth of China's total foreign trade and nearly 40% of its growth. Local general public budget revenue reached 1.35 trillion yuan, ranking first nationwide for the 34th consecutive year. Urban employment exceeded expectations, with 1.43 million new jobs created in 2024.

Key infrastructure developments included the Shenzhen-Zhongshan Link and the Huangmaohai Sea-Crossing Passage, alongside the launch of 187 cross-boundary administrative services and 54 Greater Bay Area standards. The Hong Kong-Zhuhai-Macao Bridge Port saw 4.5 million vehicles entering Guangdong.

With these achievements, Guangdong continues to play a central role in China's economic growth, trade, and innovation.

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