GBA economy to grow over 5% this year

The Guangdong-Hong Kong-Macao Greater Bay Area is expected to achieve over 5% GDP growth in 2024, according to a report by Guangzhou University and Social Sciences Academic Press China. The region’s economic recovery is driven by strong performance in Hong Kong and Macao and a resurgence in foreign trade. Despite challenges due to weak overseas demand, the GBA has outperformed Guangdong province, which has been struggling with slower growth. Notably, foreign trade in the nine Guangdong cities within the GBA reached a record high of CNY4.96 trillion in the first seven months of 2024, marking a significant 14.3% increase from the previous year. This robust trade activity, combined with supportive policies, is expected to help the GBA meet China’s national economic growth target of 5%, although the report notes that this target may be harder to achieve than last year due to higher comparative baselines.