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Yearender: A review of Guangdong’s economy in 2023

In 2023, Guangdong has registered continued economic growth and its foreign trade has maintained momentum of rapid growth. Let’s have a look through the numbers! 

1. Guangdong’s foreign trade picks up growth pace in March

In the first quarter, Guangdong’s total import and export volume hits an all-time high again, reaching 1.84 trillion RMB. The province’s foreign trade scale continues to rank first in the country, with a growth rate of 0.03 percent year-on-year. It achieved a steady monthly increase, especially in March, up 25.7 percent year-on-year. 

2. Guangdong's economy starts well in Q1 2023

In the first quarter of 2023, Guangdong's GDP reached 3,017.823 billion RMB, up 4.0 percent year on year. The province's economy sets off with a strong start in 2023, as evidenced by the recovery of key economic indicators.

3. Guangdong’s litchi is exported to over 20 countries and regions on six continents 

On May 20, China International Tropical Crops Industry Conference and the 7th China Litchi and Longan Industry Conference kicked off in Maoming, Guangdong. In 2023, the national production area for litchis stands at 7.9 million mu (0.53 million acres), in which Guangdong takes 3.96 million mu (0.26 million acres), the highest share in the country. 

4. 67 Guangdong companies listed in 2023 Fortune China 500

In 2023, 67 Guangdong public companies are listed in the Fortune China 500, accounting for 13.4 percent of the total, with their gross revenue exceeding 8 trillion RMB. The listed companies fully demonstrated the vitality of Guangdong’s private economy. In terms of major industries, they cover equipment manufacturing, home appliances, bio-pharmaceuticals, automobiles, real estate, and energy, etc. 

5. Guangdong’s economy sees full recovery with GDP up 5% in H1

In the first half of 2023, Guangdong’s major economic indicators have witnessed a full recovery with sound growth momentum. The gross domestic product (GDP) reached 6.29 trillion RMB, up 5 percent year-on-year in H1. And the province has achieved noticeable outcomes in promoting the development of the manufacturing industries.

6. Guangdong's exports up 3.6% in H1

In the first half of the year, Guangdong's exports reached a record high of more than 2.55 trillion RMB, increasing by 3.6 percent year on year. The top three products by exports—electric vehicles, lithium batteries and solar cells—increased sevenfold, 27.7 percent and 57 percent, respectively.

7. Guangdong’s efforts in three cooperation zones - Hengqin, Qianhai and Nansha

In the first half of 2023, the total GDP of the three major cooperation platforms - the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, and Nansha Demonstration Zone for Comprehensive Cooperation among Guangdong, Hong Kong and Macao exceeded 220 billion RMB with the in-depth development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). 

8. Greater Bay Area exports over 60,000 tons of goods via China-Laos Railway in past two years

December 3 marks the second anniversary of the opening of the China-Laos Railway. Over the past two years, more than 60,000 tons of products manufactured in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) have been exported through the China-Laos Railway, supporting the international industrial and supply chains with stable and efficient logistics services.

9. Guangdong's import and export to Macao reached 14.04 billion RMB in Jan.-Nov.

December 20 marks the 24th anniversary of Macao's return to the motherland. In the first 11 months of 2023, Guangdong's imports and exports to Macao reached 14.04 billion RMB. In November alone, the import and export volume amounted to 1.38 billion RMB, up 4.3 percent. 

10. Guangdong’s economy continues to enjoy strong growth in Jan.-Nov. 2023

In the first 11 months of 2023, Guangdong's economy showed strong momentum for continued growth as the province steadily promoted high-quality development, stabilized and improved supply and production.

Reporter | Fanny, Nancy, Will

Poster | Mia, Lu Lu 

Editor | Olivia, Steven, Abby, James 

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