Guangdong's role in GDP growth key

2024-03-30 11:54:41China Daily Editor : Li Yan ECNS App Download

South China's Guangdong province, an economic powerhouse that accounts for about one-tenth of the country's GDP, will not only leverage its established strengths such as foreign trade and manufacturing capabilities, but also foster new quality productive forces to better contribute to the country's annual growth target, local authorities said on Friday.

"As a major economically developed province, Guangdong must shoulder its responsibilities and take the lead in driving economic development, making significant contributions to the overall development of the country," said Wang Weizhong, governor of Guangdong.

This year, Guangdong has set a target of achieving a 5 percent economic growth rate, and the province is confident and well-positioned to achieve this goal, Wang said at a news conference held by the State Council Information Office in Beijing.

In particular, Guangdong has long been recognized as a key pillar of the country's foreign trade sector, with cities such as Dongguan and Shenzhen being especially reliant on imports and exports.

To enhance the resilience of Guangdong's foreign trade, efforts will be made to cultivate new export growth points such as new energy vehicles, lithium-ion batteries and photovoltaic products, enhance processing trade, prioritize the development of new foreign trade formats and expand the province's international market reach, Wang said.

Meanwhile, Guangdong is positioned as a vital global manufacturing base. In 2023, revenue generated by large-scale manufacturing enterprises in Guangdong exceeded 17 trillion yuan ($2.35 trillion), while value-added manufacturing accounted for 32.7 percent of the province's GDP.

Tu Gaokun, director of the Guangdong industry and information technology department, said in recent years, the manufacturing sector in the province has been rapidly advancing toward the high end of the global value chain.

With a strong focus on technological innovation and industrial transformation, the province has broken ground in key technologies and products, meeting the ever-increasing needs of both domestic and international markets, Tu added.

Going forward, Guangdong is committed to fostering new growth engines such as bioengineering, commercial aviation and the low-altitude economy, Tu said, adding that Guangdong will also take steps to empower manufacturing through digitalization and smart technology.

In addition to harnessing the established advantages, Guangdong will develop new quality productive forces in light of its own conditions, emphasizing the role of technological innovation in driving industrial transformation, said Wang, the governor.

The province's research and development expenditure reached 460 billion yuan, accounting for 3.39 percent of its GDP, Wang said, stressing that Guangdong is ramping up efforts to construct an end-to-end innovation chain, aiming to establish itself as a globally influential center for industrial and technological innovation.

The province aims to accelerate equipment upgrades and process enhancements in traditional industries, such as textiles and apparel, food and beverages, home appliances and furnishings, to unleash their potential and infuse them with new vitality, Wang said.

Meanwhile, Guangdong is actively promoting the development of emerging industries, including integrated circuits, new energy storage, new energy vehicles, bioengineering and commercial aerospace, he added.

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