GDP and foreign trade figures revealed in government work report of Guangdong

Guangdong province's GDP is projected to surpass a milestone 14 trillion yuan ($1.9 trillion) for 2024, maintaining its position as the top-ranking province in the country for the 36th consecutive year, a senior government official announced.

The import and export volume of the economic powerhouse in South China grew 9.8 percent year-over-year to more than 9 trillion yuan in 2024, securing the top position in the country for the 39th consecutive year, Guangdong Governor Wang Weizhong said while delivering a government work report to the local annual legislative meeting on Wednesday in Guangzhou, the provincial capital.

It marks the first time that Guangdong, a global manufacturing base, has achieved an import and export volume exceeding 9 trillion yuan, demonstrating its resilience and vitality in foreign trade. The province's import and export volume contributes 38.7 percent of the national foreign trade increment, according to the government work report.

"Facing the critical juncture of advancing high-quality development, we remain steadfast and promote the integration of industry and technology to optimize the industrial structure and develop new quality productive forces," Wang said.

Guangdong's efforts in advancing foreign trade, optimizing foreign investment, upgrading service exports, enhancing international economic cooperation, and attracting high-caliber international professionals contributed to the steady progress in the province's high-quality opening-up in 2024, said the government work report.

A provincial conference held in early 2024 sets the tone for high-quality development in Guangdong. SHI LEI/FOR CHINA DAILY

The province's strategic focus on optimizing those areas has become central to advancing its high-level opening-up, fostering stable growth in the province's foreign trade volume and foreign investment utilization.

"The coordinated advancement in these areas not only optimizes the independent development of each field but also breaks barriers and coordinates resources, creating a synergistic effect where the combined result is greater than the sum of its parts," said Hu Jun, former president of Jinan University.

In 2024, Guangdong's exports to members of the Association of Southeast Asian Nations and the Middle East grew 11.1 percent and 9.1 percent, respectively. The province welcomed 26,000 new foreign-funded enterprises, marking a year-on-year growth rate of more than 20 percent.

The construction of the Shantou and Zhanjiang port economic zones began in 2024, while the former Guangzhou Huadu economic development zone was upgraded to a national-level development zone from a provincial-level one.

Guangdong also unveiled an action plan in 2024 to enhance the China (Guangdong) Pilot Free Trade Zone and completed 33 tasks for advancing institutional opening-up.

Guangdong hosted various international events in 2024, such as the Forum on China-Africa Local Government Cooperation, the China Import and Export Fair and the China Hi-Tech Fair, boosting trade and cooperation while showcasing its openness and vitality on the global stage.

The China Import and Export Fair, held biannually in Guangzhou, attracted approximately 500,000 foreign buyers in 2024, marking a historic high. Guangdong hosted 300 overseas expos as part of the government-run Guangdong Global Trade program, with transactions totaling around 60 billion yuan.

The province also advanced collaboration with the Hong Kong and Macao special administrative regions in attracting foreign investment. The 2024 Global Investment Promotion Conference for the Guangdong-Hong Kong-Macao Greater Bay Area saw the contract signing of 1,933 investment projects with a total value of 2.26 trillion yuan.

For 2025, the government work report sets the province's GDP growth target at around 5 percent, with plans to implement a more proactive opening-up strategy.

This year, Guangdong aims to enhance the quality of foreign trade by supporting enterprises in landing orders and expanding exports of products including electronics, smart home appliances and electric vehicles. It will also work to stabilize the presence of local businesses in Europe, the United States, Japan and South Korea, while exploring markets in ASEAN, the Middle East, Latin America, Central Asia, Africa and South Pacific island nations.

The province will also step up efforts to attract foreign investment in sectors such as telecommunications, education, elderly care and healthcare, pledging national treatment for foreign-funded enterprises.

Moreover, efforts will be made to enhance the performance and realization rates of investment projects and support projects in expanding investment and production capacities.