With a total area of 179,643 sq km and 115 million people at the end of 2019 Guangdong is an essential part of China’s economic engine. The Pearl River Delta (PRD) Economic Zone accounts for 80% -or nearly two thirds-of this province's GDP with 9 cities including Guangzhou City as well as Shenzhen & Zhuhai which make up their own respective region, which is also called The Greater Bay Area.
The province of Guangdong has been leading China’s economy for many aspects in 2019. In terms of GDP, it accounts for 10% percent overall with the largest percentage drop among all provinces and municipalities at 1%. Furthermore, its exports account for 25%, which makes up about one-fourth total worth abroad coming from this area
In addition to being makers or Retail Sales Value Consumer Goods where they have made over five trillion dollars since 2017 alone
The private sector in Guangdong has been booming. Many indigenous enterprises, such as Galanz and Midea have developed a strong brand name for themselves within their specific industries while also becoming market leaders across China.
Industries
Guangdong is a major export-processing base for foreign investors. Cities that have the largest industrial production include Guangzhou and Shenzhen. Dongguan City in China has been known as "the Detroit of Asia" because it houses many car manufacturers such as auto companies including Toyota Motor Corporation which produces vehicles locally or exports them around the world; while also having other important industries like electronics manufacturing where high tech gadgets are made using cutting edge technology.
Guangdong is a province that has been known for its strong light manufacturing industry. The output from these industries accounted for over half of the total industrial activity in Guangdong decades ago, but now they account for only 30%. Major products include electrical appliances such as television sets and refrigerators; consumer goods like garments or toys can also be found here with high export rates compared to other regions within China. In recent years there has been an increased focus on new technology-related businesses which will likely continue getting stronger following this trajectory much longer-term too.
When it comes to the service sectors which accounted for 56.5% of GDP in 2020, Guangdong aims to further increase their overall relative share with a focus on development as well as optimization across all industries including financial services and logistics; this will help them become an international business travel & shopping center while also maintaining Southern China's status quo during these times where there is intense competition between countries who want better opportunities within other regions or around Asia altogether.
Foreign Trade
The leading industrial base of Guangdong, China has contributed to the country's export growth by sending out a wide range of products. These include electric and electronic goods such as computers or communication technologies; machinery & equipment (factory). The largest markets for these exports were Hong Kong at 24% followed closely behind by the US at 21%. Other important clients included ASEAN members, Japan, India, and Germany.
Consumer Market
With the rise of per capita income and economic restructuring, consumer expenditure patterns are changing. While food & clothing consumption declined in Guangdong province's urban households, health care services increased. Additionally, there has been an increase to around 27% for residence spending among all consumers based on data from 2016 which shows how they're able to buy more than just groceries with their money now.
With the rapid change in retail distribution, other than the various forms of modern operation such as chain stores and supermarkets. The “shopping mall” has also become popular recently with integrated entertainment areas that offer a variety for shoppers' needs outside simply shopping.
The development of the retail market in Guangdong has created a unique opportunity for international investors. Major companies that have seen success include Walmart from America, Carrefour France, and PARKnSHOP Hong Kong which are all involved with franchises or joint ventures in mainland China's most developed province at some point.
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