GBA Finance Show | J.P. Morgan's Haibin Zhu On the Structural Transformation of Guangdong’s Economy

南方财经全媒体记者 袁思杰 香港报道

On January 15, the third session of the 14th Guangdong Provincial People's Congress was opened. The government work report indicates that in 2024, Guangdong's GDP is projected to exceed 14 trillion CNY, while the total import and export volume is expected to surpass 9 trillion CNY, both achieving new records. Guangdong is likely to become the first province in the country to reach the 14 trillion CNY economic output milestone. In just two years, its economic total has successively crossed the thresholds of 13 trillion and 14 trillion CNY, marking the 36th consecutive year it has ranked first in the nation.

For 2025, the government work report indicates that Guangdong aims for a GDP growth target of approximately 5 percent.

Wang Weizhong, the governor of Guangdong, noted that new initiatives in technology finance resulted in a 23 percent rise in the balance of technology loans in the province last year.

Recently, Haibin Zhu, Chief China Economist at J.P. Morgan, told our reporter that the economic diversification of cities in the GBA provides a strong foundation for the transformation of Guangdong's economic structure. In key sectors supported by the national government, such as biomedicine, low-altitude economy, and high-end manufacturing, Guangdong can take on a leading role.

Innovation serves a central pillar of Guangdong's development strategy. In 2024, the province's R&D expenditure was projected to reach 510 billion yuan, reinforcing Guangdong's position as a national leader in innovation for eight consecutive years.

Zhu also noted that in recent years, many universities and hospitals from Hong Kong have opened branches and branch campuses in Guangdong. This development serves as a significant policy pilot for the transformation and upgrading of Guangdong's service industry and the integrated development of the GBA.

Guangdong is dedicated to advancing the integration of artificial intelligence (AI) across various sectors. Its cluster for intelligent connected new energy vehicles has been recognized as a national advanced manufacturing industry cluster.

The province's low-altitude economy has also gained momentum, attracting more than 30 percent of the country's industrial chain enterprises. EHang, based in Guangzhou, received the first production license for unmanned aerial vehicles in the nation, while Shenzhen was authorized to create a national comprehensive demonstration zone for the low-altitude economy.