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Guangdong becomes first province to surpass 13 trillion yuan GDP

Updated: Jan 23, 2024 By Qiu Quanlin in Guangzhou Print
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A view of Canton Tower in Guangzhou, Guangdong province. [Photo/VCG]

According to a government work report, the gross domestic product of Guangdong, an economic powerhouse in South China, grew 4.8 percent year-on-year to 13.57 trillion yuan ($1.89 trillion) in 2023.

Last year's GDP growth indicated Guangdong has become the first province in China to surpass 13 trillion yuan, ranking the top in the country for the 35th consecutive year, according to the report.

Guangdong's governor, Wang Weizhong, delivered the report on Tuesday to the annual session of the provincial people's congress.

"Despite facing challenges, the overall economic situation in the province has rebounded and improved, as we have resolutely shouldered the responsibility of being a leader in economic development," said Wang.

Specifically, Guangzhou, the capital of Guangdong, realized a GDP of over 3 trillion yuan last year. Shenzhen, a pioneer in China's reform and opening-up, became the province's second city to surpass one trillion yuan in consumption, according to the report.

The manufacturing industry, which was prioritized across Guangdong, played an essential role in driving the local economic development, with the added value of the manufacturing industry accounting for 32.7 percent of its GDP last year.

The report revealed that the province has developed over 71,000 industrial enterprises above a designated size and over 75,000 high-tech enterprises, ranking first nationwide.

With a total GDP of 13.57 trillion yuan, Guangdong's GDP could rank in the top 15 worldwide, surpassing countries such as South Korea, Australia and Spain.

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