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Guangzhou Expects GDP to Surpass 3 Trillion Yuan in 2023, Achieving Remarkable Economic Milestones

Beijing, January 15, 2024, The Europe Today: Guangzhou, the capital city of Guangdong Province in southern China, anticipates its Gross Domestic Product (GDP) to exceed 3 trillion yuan (approximately 422 billion U.S. dollars) in 2023, according to statements from local authorities on Monday. Sun Zhiyang, the city’s acting mayor, highlighted the notable economic and social achievements witnessed over the past year.

Guangzhou has witnessed consistent economic growth, with both the total retail sales of consumer goods and the total value of imports and exports surpassing 1 trillion yuan for the third consecutive year. Fixed asset investment also surged past 860 billion yuan, reflecting robust economic activity.

In the realm of digital industrialization, Guangzhou has made significant strides by constructing 15,200 new 5G base stations, bringing the total to 91,700. The added value of core industries in the digital economy constituted 13 percent of the regional GDP in 2023.

The city has demonstrated a commitment to fostering emerging industries, with the production of new energy vehicles exceeding 650,000 units, marking a remarkable 1.08 times growth compared to the previous year. The added value of strategic emerging industries now represents over 30 percent of the regional GDP.

Guangzhou’s focus on technological innovation is evident in the surge of high-tech enterprises, which reached 13,000 last year. Additionally, the number of technology-based small and medium-sized enterprises (SMEs) reached an impressive figure of 21,000, showcasing the city’s dedication to fostering a dynamic and diverse business ecosystem.