New productive forces fuel growth in Guangdong

Optimizing the industrial structure and promoting the integration of industry and technology to develop new productive forces contributed to steady economic growth in Guangdong province in 2024, a senior official said on Wednesday at the province's annual legislative meeting in Guangzhou.

"Facing the critical juncture of advancing high-quality development, we remain determined to establish a key stronghold for developing new productive forces, making industrial and technological innovation a strategic and long-term focus for Guangdong," said Wang Weizhong, governor of Guangdong.

While delivering the government work report, Wang said Guangdong, an economic powerhouse in South China, achieved steady growth in comprehensive economic strength last year.

Guangdong's GDP is projected to surpass a milestone of 14 trillion yuan ($1.9 trillion) for 2024, maintaining its position as the top-ranking province in the country for the 36th consecutive year, Wang said.

The province's import and export volume exceeded 9 trillion yuan, reflecting a 9.8 percent year-on-year growth rate and contributing 38.7 percent to the national trade increment. Guangdong has led the country in trade volume for the past 39 years, Wang added.

For 2025, the province's GDP growth target is set at around 5 percent, according to the government work report.

Guangdong is home to approximately 77,000 high-tech enterprises, with its regional innovation capability ranking first in China for eight consecutive years. The province has implemented policies for the entire innovation chain, introduced regulations on technological innovation and enacted measures to promote high-quality manufacturing development, Wang said.

Major advancements include increased provincial-level investment in technological innovation, the commencement of the second phase of the spallation neutron source project and the advanced attosecond lasers project, and the completion of a neutrino experiment station in Jiangmen, western Guangdong.

New measures in science and technology finance led to a 23 percent increase in the balance of technology loans in the province last year, Wang noted.

"We are accelerating new industrialization by introducing supportive policies for sectors such as integrated circuits, artificial intelligence, the low-altitude economy, biomedicine and commercial aerospace," Wang said.

Guangdong is promoting artificial intelligence integration across various industries, with its intelligent connected new energy vehicle cluster designated as a national advanced manufacturing industry cluster.

The low-altitude economy has also gained traction, attracting over 30 percent of the country's industrial chain enterprises. EHang in Guangzhou was awarded China's first unmanned aerial vehicle production license, and Shenzhen was approved to establish a national comprehensive demonstration zone for the low-altitude economy.