Guangdong Retains China's Top Economy In 2024, GDP Exceeds 14 Trillion Chinese Yuan

KUALA LUMPUR, Jan 17 (Bernama) -- Guangdong is set to maintain its position as China’s top provincial economy in 2024, with its gross domestic product (GDP) projected to surpass 14 trillion Chinese yuan, according to the Guangdong Provincial People’s Congress report on Jan 15. (100 Chinese yuan = RM61.43)

This milestone marks the 36th consecutive year Guangdong has ranked first in national economic output. Foreign trade also hit a record high, with total imports and exports growing 9.8 per cent year-on-year to exceed nine trillion Chinese yuan.

The province hosted record-breaking international engagement at the Canton Fair, attracting around 500,000 overseas buyers. Guangzhou and Shenzhen emerged as pilot cities for wholly foreign-owned hospitals, while Amazon Global Selling launched its first Asia-Pacific innovation centre in Shenzhen to support the global expansion of Chinese e-commerce businesses.

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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 per cent year-on-year, contributing roughly half of the province’s GDP growth.

The province’s impact on national production is notable, accounting for a quarter of China’s new energy vehicles, 44 per cent of industrial robots, and 40 per cent of smartphones, according to a statement.

Innovation remains a key driver of Guangdong’s economy, with research and development investment intensity at 3.6 per cent and 77,000 high-tech enterprises. The province has led the nation in regional innovation for eight consecutive years, while the Shenzhen-Hong Kong-Guangzhou science and technology cluster ranked second globally for the fifth consecutive year.

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Guangdong also leads in trade, contributing over one-fifth of China’s total foreign trade and nearly 40 per cent of its growth. Local general public budget revenue reached 1.35 trillion Chinese yuan, maintaining its first-place ranking for the 34th 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 remains a vital contributor to China’s economic growth, trade, and innovation.

-- BERNAMA