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GDP of China's Guangdong surpasses 13 trillion yuan in 2023
Updated: January 23, 2024 19:17 Xinhua

GUANGZHOU, Jan. 23 -- The gross domestic product (GDP) of south China's Guangdong Province surpassed 13 trillion yuan (about 1.83 trillion U.S. dollars) in 2023, topping the country for 35 consecutive years, Guangdong's governor Wang Weizhong said Tuesday.

The economic powerhouse saw its GDP grow 4.8 percent year on year in 2023, said Wang as he delivered the government work report during the annual session of the Guangdong Provincial People's Congress.

A manufacturing heartland and leading foreign trade player in the country, Guangdong accounted for about one-tenth of China's GDP in 2023.

Last year, Guangdong experienced a robust resurgence in its economy driven by strong consumer spending, as total retail sales of social consumer goods reached 4.7 trillion yuan, up 5.8 percent.

According to the report, Guangdong witnessed notable growth in business entities throughout 2023, with a net increase of nearly 1.73 million, bringing the total number to more than 18 million.

Among these, the number of enterprises hit 7.8 million, accounting for one-seventh of the national total. "This demonstrates a strong, vibrant and positive momentum," said the governor when delivering the report.

Furthermore, the southern province achieved a 0.3 percent year-on-year increase in foreign trade, reaching 8.3 trillion yuan in 2023. Notably, there were significant year-on-year increases in the exports of electric passenger vehicles, lithium-ion batteries and solar batteries, up by 229 percent, 15.9 percent, and 22.6 percent, respectively.

"In 2023, Guangdong shouldered the responsibility of being an economic powerhouse, vigorously undertaking the tasks of boosting the economy, advancing projects and promoting development," Wang said. "The province's economy has rebounded and improved amid the efforts to overcome obstacles and challenges."

The governor added that Guangdong is targeting year-on-year growth of 5 percent in terms of its regional GDP for 2024.

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