Guangdong’s Economy Resilient and Full of Vitality as it Recovers and Develops in 2023
2023 marks the first year for fully implementing the spirit of the 20th National Congress of the Communist Party of China and for economic recovery and development after three years of COVID-19 prevention and control. The Political Bureau meeting of the Central Committee of the Communist Party of China held in December pointed out that China’s economy has rebounded for the better, new breakthroughs have been achieved in scientific and technological innovation, and the foundation for safe development has been consolidated. The entire province of Guangdong has thoroughly implemented the spirit of the national congress and the spirit of General Secretary Xi Jinping’s important speeches during his inspection of Guangdong.
Despite the complex and severe situation, Guangdong’s economy has maintained a stable recovery trend and played a crucial role in national economic recovery. The province’s GDP growth in the first three quarters of 2023 was 4.5%, surpassing expectations. The overall per capita GDP in the province reached 22,600 US dollars. The industrial added value of the province grew by 3.6% in the first ten months of 2023, with growth in automobile manufacturing, electrical machinery and equipment manufacturing, and computer and communications equipment manufacturing outpacing the previous quarter. Additionally, corporate profits increased by 10.2% compared to the previous year.
Guangdong is not only focusing on quantitative growth but also striving for qualitative improvement. The province has seen increases in investments in advanced and high-tech manufacturing, as well as new energy vehicle production. The output of new energy vehicles, integrated circuits, and optoelectronic devices in Guangdong increased significantly in the first ten months of 2023.
Financial support for the manufacturing industry is also a top priority for the province, with the financial authorities in Guangdong implementing policies that include discounting interest rates on loans to manufacturing enterprises and increased issuance of technological loans.
Looking ahead, Guangdong’s path towards high-quality development continues to strengthen and diversify,, illustrating the province’s resilience, potential, and vitality.
Guangdong’s economic development success will be highlighted in a series of reviews presented by the Nanfang Daily on “Stability, Innovation and Integration” and the resilience and vitality of the province’s economy from numerous perspectives.
With determined resilience, strong momentum in “new kinetic energy,” and forward-looking investments, Guangdong’s economy will continue to recover and develop, creating a long-term positive path despite any challenges that may come its way.