Guangzhou's GDP grows past 3tn yuan

Guangzhou aims to grow its economy by at least 5 percent in 2024 after its gross domestic product grew by an estimated 4 percent to more than 3 trillion yuan (HK$3.35 trillion) in 2023.

Last year's growth rate was 3 percent more than 2022, when its GDP grew to 2.88 trillion yuan.

The manufacturing hub ranked fifth among Chinese cities in terms of GDP in 2022 after Shanghai, Beijing, Shenzhen and Chongqing.

Preliminary statistics showed that total trade exceeded 1 trillion yuan for a third consecutive year and fixed asset investment was expected to hit a record high of 860 billion yuan.

The city's budget increased by 4.8 percent with per capita disposable income of urban and rural households growing by 4.8 and 6.3 percent respectively.

Consumer prices rose an estimated 1 percent and 330,000 new jobs were created during the year.

Guangzhou's digital economy contributed 13 percent to its GDP, and 15,200 new 5G stations were added last year for a total of 91,700 stations.

Strategic emerging industries including biopharmaceutical and intelligent manufacturing accounted for over 30 percent of GDP and the city's production of new energy vehicles doubled to 650,000 units.