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Guangzhou's GDP set to exceed 3 trillion yuan, joining elite club

Updated: Jan 16, 2024 By Qiu Quanlin Print
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A view of Canton Tower in Guangzhou, Guangdong province. [Photo/VCG]

The gross domestic product of Guangzhou, the capital of Guangdong province, is expected to surpass 3 trillion yuan ($419.44 billion) in 2023, according to a government work report on Monday.

The GDP growth indicates that Guangzhou will join the "3 trillion-yuan GDP club" in China, following Shanghai, Beijing, and Shenzhen, which broke the record in 2017, 2018, and 2021, respectively. In addition, Chongqing's GDP is expected to surpass 3 trillion yuan in 2023 for the first time, said a report by Chongqing Daily on its official WeChat account on Jan 4.

The retail sales of consumer goods and the value of imports and exports of goods in Guangzhou both exceeded 1 trillion yuan for the third consecutive year in 2023, according to the government work report delivered by Sun Zhiyang, acting mayor of Guangzhou, to the annual session of the Guangzhou people's congress, which opened on Monday.

Additionally, the report said the city's fixed asset investment surpassed 860 billion yuan last year.

In terms of digital industrialization, the added value of the core industries in the digital economy in the city accounted for 13 percent of the regional GDP in 2023, with the construction of 15,200 new 5G base stations.

The city has also accelerated the development of emerging industries, with the added value of strategic emerging industries representing over 30 percent of the regional GDP.

According to local statistics authorities, Guangzhou's GDP surpassed 1 trillion yuan and 2 trillion yuan in 2010 and 2017, respectively.

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