Major Economic Indicators
|Gross Domestic Product (RMB bn)||8,970.5||7.51||9,727.8||6.81|
|Per Capita GDP (RMB)||80,932||—||—||—|
|Added Value Output|
| Primary industry (RMB bn)||361.1||3.61||383.1||4.21|
| Secondary industry (RMB bn)||3,800.8||6.51||4,069.5||5.91|
| Tertiary industry (RMB bn)||4,808.6||8.71||5,275.1||7.81|
|Value-added Industrial Output2 (RMB bn)||—||7.21||—||6.31|
|Fixed-assets Investment (RMB bn)||3,747.8||13.5||—||10.7|
|Retail Sales (RMB bn)||3,820.0||10.0||3,950.1||8.8|
|Inflation (Consumer Price Index, %)||—||1.5||—||2.2|
|Exports (US$ bn)||622.8||4.0||646.7||3.8|
| By foreign-invested enterprises (US$ bn)||287.4||-0.5||293.5||2.1|
|Imports (US$ bn)||383.7||7.6||438.0||14.1|
| By foreign-invested enterprises (US$ bn)||183.9||1.3||197.1||7.2|
|Utilised Foreign Direct Investment (US$ bn)||22.9||-1.9||—||—|
1 In RMB real term 2 For all state-owned and other forms of enterprises with annual sales over RMB20 million
Sources: Guangdong Statistical Yearbook 2018, Guangdong Statistical Bureau, China Customs Statistics, 12.2017, 12.2018.
Guangdong has a total area of 179,757 sq km. Total population stood at 111.7 million at the end of 2017. The Pearl River Delta (PRD) Economic Zone is the province’s economic hub, its GDP accounting for 84.4% of Guangdong’s GDP in 2017. The PRD Economic Zone covers 9 cities – Guangzhou, Shenzhen, Zhuhai, Foshan, Jiangmen, Dongguan, Zhongshan, Huizhou city and Zhaoqing city.
In January 2009, China’s National Development and Reform Commission released the “Outline of the Plan for the Reform and Development of the PRD”. By giving the PRD greater autonomy in its reforms and economic restructuring program, it is expected by 2020, the PRD joined by Hong Kong and Macau, will become a globally competitive and the most vigorous metropolitan area in the Asia-Pacific region and a centre of advanced manufacturing and modern service industries.
Guangdong’s economy led the country in many aspects in 2017:
- The largest GDP among all provinces and municipalities, accounting for 10.8% of the national total
- The largest exports value among all provinces and municipalities, accounting for 27.5% of the national total
- The largest retail sales value of consumer goods which accounted for about 10.4% of the national total
Guangdong has a strong private sector. Many indigenous enterprises have also developed a strong brand name in their specialised areas and become market leaders in China, such as Galanz, Midea, Gree etc. By the end of 2017, there were 3.82 million private enterprises in Guangdong, an increase of 20.3% from 2016.
Guangdong’s manufacturing industries developed rapidly as a result of foreign investment, particularly in the PRD. Guangdong is a major export-processing base for foreign investors mainly from Hong Kong and Taiwan. Cities that have the largest industrial production include Guangzhou, Shenzhen, Dongguan, Foshan, Huizhou, Jiangmen and Shantou.
Composition of GDP (%)
Source: Statistical Yearbook of Guangdong 2018
Guangdong is strong at light manufacturing industry. Output of light industries used to account for over half of the province's total industrial output. Major products include electrical appliances such as television sets, electrical fans and refrigerators, and other consumer products like garments, toys, shoes and electronics. Exports of most of these products rank the highest in China. In recent years, Guangdong is moving towards heavy, new and high technology industries. The share of heavy industries in value-added industrial output increased from 52% in 2000 to 64% in 2017.
Share of Major Industry Groups (2017)
| ||% share of value-added industrial output|
|Communication equipment, computers and other electronic equipment||25.9|
|Electrical machinery & equipment||9.5|
|Electric power and heat power||5.0|
|Nonmetal mineral products||3.8|
|Raw chemical materials and chemical products||3.8|
|Rubber and plastics products||3.8|
|Petroleum refining, coking nuclear fuel processing||3.2|
|Garments and footwear||3.1|
Source: Guangdong Statistical Yearbook 2018
As for the service sectors which accounted for 53.6% of GDP in 2017, Guangdong aims to further increase their overall relative share in GDP. While development of the service sectors will be expedited across the board, their structure will be optimised to develop Guangdong into a regional financial center, modern logistics hub in southern China, as well as an international business travel and shopping center.
In 2017, Guangdong received 407 million (+12.5%) overnight domestic tourists and 36.5 million (+3.6%) overnight overseas tourists with tourism receipts at RMB1,066 billion (+15.9%) and USD19.6 billion (+5.8%) respectively.
Guangdong as a leading industrial base as well as an export processing base for a wide range of products contributed markedly to the country’s export growth. Major export product types included electric and electronic products, computer and communication technology, machinery and equipment etc. In 2017, Hong Kong was still the largest export market, accounting for 26.9% of the total. Other major export markets included the US, Japan, Korea, UK, Germany and ASEAN.
Guangdong imports a large number of capital and intermediate goods. Leading import product types include electric and electronic products, electronic technology, computer and communication technology, etc. In 2017, ASEAN was the largest source of import accounting for 16.9% of the total, followed by Taiwan, South Korea and Japan.
Up to end-2017, Guangdong accounted for about 18% of China’s total utilised FDI. Foreign investments in Guangdong are mainly engaged in manufacturing industries (27.1% of the utilised FDI in 2017). For tertiary industry, real estate and leasing and business services were one of the most attractive areas, each absorbing 15% of the total utilised FDI in 2017.
Hong Kong is the largest source of foreign direct investment in Guangdong. During the period of 1979-2017, the utilised capital from Hong Kong amounted to US$272.8 billion, accounting for 64.4% of Guangdong’s total.
Hong Kong's investment mainly involved in electronics, toys, garment, shoes, plastic, computer and accessories, commerce, food catering, material warehousing, distribution, real estates, and other infrastructural development. Major Hong Kong companies have participated extensively in Guangdong’s industrial and infrastructural investments. In recent years, Hong Kong's investment in Guangdong has been diversified from manufacturing to the service sector. Hong Kong brand names are highly visible in Guangdong’s retail sector.
In 2017, other major investors in Guangdong were from Virgin Islands, Macao, Netherlands, Singapore and Japan. Foreign investments have increasingly been channeled into infrastructure, agriculture, property and capital- and technological-intensive projects in recent years. Given China is further liberalising its services sector, an increasing share of FDI is going into the service sectors.
Guangdong is the largest consumer market in China. In 2017, annual per capita disposal income of urban households reached RMB40,975 (+8.7%). With the rising income level and the economic structure adjustment, the consumer expenditure pattern is also undergoing structural change. While the share of food declined, the share of services such as transportation and communications, as well as residence has increased.
Composition of Per Capita Expenditure of Urban Household (%)
|Food, tobacco & liquor||38.6||32.2|
|Health care & medical services||11.5||5.0|
|Transportation & communications||4.3||14.2|
|Household articles and services||7.5||5.9|
|Recreational, educational and cultural services||13.4||10.9|
Source: Guangdong Statistical Yearbook 2018
The retail distribution landscape in Guangdong is changing rapidly. Apart from traditional department stores, various forms of modern operation such as chain stores, supermarkets, ware-house type markets and convenience stores proliferate. The concept of “shopping mall” is developing rapidly in the PRD as integrated shopping and entertainment centres.
Guangdong's retail market is one of the most developed markets in China. Major overseas-invested retail enterprises that have presence in Guangdong include Walmart from the US, Carrefour from France, PARKnSHOP and Watsons from Hong Kong, Trust-Mart from Taiwan. Franchised chain stores from Hong Kong have also entered Guangdong.
Economic Indicators of PRD Cities (2017)
|Per Capita GDP (RMB)||Value-added|
|Guangzhou (廣州) ||2,2150.3||150,678||413.1||940.3||85.3|
|Shenzhen (深圳) ||2,249.0||183,544||802.3||601.6||244.4|
|Zhuhai (珠海) ||267.5||155,502||113.9||112.8||27.9|
|Foshan (佛山) ||939.9||124,324||433.5||332.0||46.5|
|Huizhou (惠州) ||383.1||80,205||185.0||136.3||33.0|
|Dongguan (東莞) ||758.2||91,329||361.8||268.8||103.8|
|Zhongshan (中山) ||343.0||105,711||107.4||131.0||30.3|
|Jiangmen (江門) ||269.0||59,089||99.2||128.0||15.9|
|Zhaoqing (肇慶) ||211.0||51,464||60.6||81.0||3.3|
* For all state-owned and other forms of enterprises with annual sales over RMB20 million.
Source: Guangdong Statistical Yearbook 2018
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