Guangdong Province Targets Global Leadership In Industrial And Sci-Tech Innovation

In a significant stride towards becoming a global powerhouse in industrial and scientific-technological innovation, Guangdong Province in China is making concerted efforts to synergize the advancement of industry and technology. This initiative is aimed at fostering the development of new, high-quality productive forces. As reported by China Central Television, Guangdong's Gross Domestic Product (GDP) soared to 13.57 trillion yuan (approximately US$1.88 trillion) in 2023, securing the top spot in the country for the 35th year in a row. The province boasts over 18 million business entities, including 7.8 million enterprises, which represent one-seventh of the total across China.

For 2024, under the leadership of Governor Wang Weizhong, Guangdong has set its sights on achieving a 5-percent economic growth target. This ambitious goal will be pursued by expanding investment, advancing consumption, and stabilizing foreign trade. "We strived to promote project financing. Last year, industrial investment across the province grew by 22.2 percent, marking a double-digit growth for 36 consecutive months, and investment in technology upgrading registered a 22.4 percent growth, reaching a six-year record high," Governor Wang elucidated.

The province's economic momentum has continued into the first two months of this year, with industry growing by 10.6 percent, consumption by 6.1 percent, investment by 4.3 percent, and imports and exports surging by 24.9 percent. Guangdong is home to 71,000 industrial enterprises each generating an annual main business revenue of 20 million yuan or more and houses 75,000 high-tech firms—both figures leading the nation.

Guangdong's regional innovative capacity has been unparalleled in China for seven consecutive years. Looking ahead, the province is poised to explore new quality productive forces and propel industrial innovation through scientific-technological innovation. "We will accelerate the development of integrated circuits, new energy storage, new energy vehicles, low-altitude economy, and artificial intelligence to build them into 500 billion-level or trillion-level industrial clusters," Governor Wang stated.

The province is committed to accelerating the establishment of a comprehensive innovation chain that spans from basic research and technology upgrading to the commercialization of research achievements and support for scientific and technological finance and talent. This strategic move aims to position Guangdong as an industrial and sci-tech innovation hub with significant global influence.

With inputs from WAM