China’s southern powerhouse of Guangdong province has pledged to exhaust all efforts to boost the Greater Bay Area as a top priority in 2024, as it seeks to shoulder a greater role for economic growth.
Governor Wang Weizhong also told a provincial parliament meeting on Tuesday that Guangdong would aim to grow its economy by 5 per cent this year, having achieved 4.8 per cent year-on-year growth in 2023.
Despite China’s debt and population woes, top cities aim for over 5% GDP growth
Despite China’s debt and population woes, top cities aim for over 5% GDP growth
“We will pace up construction of a world-class bay area, turn it into the best developed bay area and better play a role to lead and support the overall economic development,” said Wang.
This year marks the fifth anniversary of the Greater Bay Area, which is one of President Xi Jinping’s three major strategies for regional integration, to rival the world’s major bay areas such as Tokyo and San Francisco.
The plan connects the special administrative regions of Hong Kong and Macau and nine mainland Chinese cities in Guangdong, including the provincial capital of Guangzhou and also Shenzhen, into an integrated economic and business hub.
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China GDP: Beijing’s long to-do list to boost its economy in 2024
China GDP: Beijing’s long to-do list to boost its economy in 2024
Wang said the province would “join hands with Hong Kong and Macau” to ensure integration into China’s economy and also ensure modern economic development.
Efforts would also be focused on increasing regional transport links and cultivating a strong talent pool in the chip sector, while boosting production of industrial software.
Guangdong would also support the private sector, seen as the backbone for its economy, and create more job opportunities this year to “shoulder the major responsibility” to aid the sputtering economy, Wang added at the meeting.
More to follow …
