The economy of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) achieved significant growth in 2023, with its gross domestic product (GDP) reaching a new level.
The total economic output of the GBA exceeded 14 trillion RMB (about 1.97 trillion U.S. dollars) in 2023, according to data from the Guangdong Provincial Office of the Leading Group for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area.
This marks a new and higher level in terms of economic aggregate, after the region's economy surpassed the thresholds of 12 trillion RMB and 13 trillion RMB in 2021 and 2022 respectively, solidifying its position as the most dynamic growth engine in the world.
With less than 0.6 percent of the country's total area, the GBA generated approximately one-ninth of China's GDP. On a global scale, if the GBA is viewed as a single economic entity, its GDP not only surpasses that of the Republic of Korea and Australia, but also keeps up with that of Italy.
Zhu Wei, executive deputy director of the GBA office in Guangdong, said the total economic output of the GBA was 10.8 trillion RMB in 2018, and the past five years witnessed an increase of 3.2 trillion RMB.
Meanwhile, the GBA has seen an improved scientific and technological innovation capacity. It currently boasts more than 750,000 national high-tech enterprises and is home to a batch of leading high-tech companies, such as Huawei, Tencent, BYD, Midea and Gree.
The Global Innovation Index (GII) 2023 published by the World Intellectual Property Organization ranked the Shenzhen-Hong Kong-Guangzhou science and technology cluster the second for four consecutive years.
Five years into the implementation of the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area, the transportation network has also been improved, along with the construction of GBA on Rail. So far, the "one-hour living circle" has taken shape among major cities in the GBA.
In addition, the airport cluster of the GBA has witnessed an annual passenger throughput of more than 280 million, and the annual handling capacity of its port cluster has reached over 85 million TEU of containers. The network of shipping routes has also covered major cities and trading ports worldwide.
Reporter | Fanny
Poster | Lu Lu
Editor | Steven, Nan, Monica, James
