Greater Bay Area's Economic Output Nears $2 Trillion in 2023

Greater Bay Area’s Economic Output Nears $2 Trillion in 2023

The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) has reported an impressive economic milestone, with its total output exceeding 14 trillion yuan (about $1.97 trillion) in 2023, according to local authorities. This figure represents approximately one-ninth of China’s total economic output, achieved within an area that comprises less than 0.6 percent of the nation’s land mass.

Zhu Wei, executive deputy director of the GBA office in Guangdong, highlighted the region’s significant growth over the past five years. “The GBA’s total economic output was 10.8 trillion yuan in 2018,” Zhu noted. “It has increased by 3.2 trillion yuan, demonstrating robust and sustained economic development.”

The GBA’s rapid growth is attributed to its strengthened capacity in scientific and technological innovation, enhanced transportation networks, the establishment of facilitating platforms, and an improved business environment. The region is now home to over 75,000 national-level high-tech firms, including industry leaders such as Huawei Technologies, Tencent Holdings, and BYD Auto.

The area’s strategic position as a transportation hub is also significant. The annual passenger throughput capacity of the GBA airport cluster has surpassed 280 million people, while its ports have an annual handling capacity exceeding 85 million standard containers. These figures underscore the region’s pivotal role in both domestic and international logistics and travel.

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