South China’s Guangdong to hit new milestone as 2024 GDP expected to surpass 14t yuan for the first time: report

South China's Guangdong Province's GDP in 2024 is estimated to have surpassed 14 trillion yuan ($1.91 trillion), marking a new milestone as it becomes the first province in China to achieve this, the Xinhua News Agency reported on Wednesday.

Meanwhile, Guangdong has retained its position as the country's top economic powerhouse for 36 consecutive years, according to the report.

According to the provincial government's work report, Guangdong aims to achieve a GDP growth rate of around 5 percent in 2025, with fixed-asset investment set to improve in both quality and efficiency, and retail sales are expected to rise by about 5 percent.

In 2024, the industrial sector of Guangdong realized steady growth. Value-added output by 74,000 industrial enterprises that are above the designated size expanded by 4.2 percent, according to the Xinhua report.

The province's industrial investment exceeded 1.5 trillion yuan, growing 6.7 percent year-on-year, while investment in technological upgrades surged by 11.5 percent year-on-year, maintaining double-digit growth for 24 consecutive months.

The advanced and high-tech manufacturing sectors played a significant role in the province's economic growth. The added value of advanced manufacturing contributed 56.7 percent of total industrial output and high-tech manufacturing contributed 31.6 percent of the output.

The rapid rate of production growth was highlighted by a 43-percent year-on-year rise in new-energy vehicles, a 31.2-percent increase in industrial robots, a 12.5-percent boost in smartphones, and a 21-percent jump in integrated circuits.

Guangdong focused on boosting synergy between industrial and technological development, with research and development expenditures in 2024 reaching 510 billion yuan. The province is home to approximately 77,000 high-tech enterprises.

The total imports and exports of Guangdong, China's leading trade hub, surpassed 9 trillion yuan in 2024, growing 9.8 percent year-on-year. Exports reached 5.89 trillion yuan, up 8.4 percent, while imports grew 12.5 percent to 3.22 trillion yuan, according to data from the General Administration of Customs.